The U.S Virgin Islands (USVI) recorded a net loss of 11 jobs in the private sector during the fourth quarter of 2023, according to the U.S Bureau of Labor Statistics (BLS). Photo: V.I Consortium

With the current state of unpredictability and quick changes in the job market, records show there were 1,453 job losses and 1,442 job gains. These job gains represented 5.7 percent of private sector employment in the USVI as compared to 5.9 percent in the United States. 

The third quarter of 2023 saw job gains surpassing job losses by 254. 

A total of 1,206 of these new jobs were due to expansions at existing establishments as well as 236 new jobs at opening establishments in the USVI. There was a decrease of 204 in existing businesses and 390 jobs at opening establishments when compared to the previous quarter, the BLS said. 

Meanwhile, gross job losses represented 5.8 percent of private-sector employment in the USVI while the national gross job losses accounted for 5.6 percent of private-sector employment. The USVI saw 957 jobs lost in contracting establishments, a decrease of 321 jobs from the previous quarter. Closing establishment also saw a loss of 496 jobs, showing a slight decrease of just 8 jobs from the previous quarter. 

Compared to the United States

When compared to the United States, the BLS revealed gross job gains as a percentage of employment in the USVI (5.7 percent) were lower than those in the United States which stood at 5.9 percent. 

Gross job losses saw a similar comparison as those in the USVI (5.8 percent) were slightly higher than those in the United States (5.6 percent)

Implications and Future Projections 

According to the data, while efforts were made to expand and create new jobs in the USVI, these were slightly outplaced by job losses caused by business contractions and closures. The mixed results highlight challenges in the territory for stabilisation and growth in the private sector employment bases.