U.S. Virgin Islands Economic Review
1 | P a g e U.S. Virgin Islands Economic Review Bureau of Economic Research May 2016 Economic Overview Current macroeconomic indicators show the U.S. Virgin Islands economy is emerging from the deep contraction wrought by the recession intertwined with the closing of the oil refinery, but the pace of progress has been slow, subpar, and uneven. In the labor market, nonagricultural wage and salary jobs averaged 37,613 for the first half of fiscal year 2016, just marginally lower than the 37,894 jobs the same period a year ago. The Territory’s unemployment rate has fallen by 1.9 percentage points from its peak 13.4 percent average in fiscal year 2012 to an 11.5 percent average for the 6-month period in fiscal year 2016, its lowest level since April 2012. However, the improvement in the unemployment rate may not only be the result of workers finding jobs, but also due to discouraged workers leaving the labor force. …
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