Virgin Islands Initial Claims Report September 2009 (Unadjusted) Unemployment initial claims for the month of September were 526, which was slightly higher than prior period. This change continues to reflect the continued job loss that is occurring as a result of the economic slowdown that started in the last quarter of 2008. Close to over 1k jobs have been removed from the economy since the beginning of the downturn resulting in about 3% reduction in the workforce.
Unemployment Initial Claims 2009
600 567 526
500
501
498
481
469
478
400
Number of Claims
374
344 300
200
100
0 Jan-09 Jan-09 Series1 374 Feb-09 Feb-09 344 Mar-09 Mar-09 501 Apr-09 Apr-09 498 May-09 May-09 481 Period (s) Jun-09 Jun-09 469 Jul-09 Jul-09 567 Aug-09 Aug-09 478 Sep-09 Sep-09 526
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Initial claims for unemployment insurance are a component of leading economic indicators. Claims represent the number of workers filing for unemployment benefits following the loss of a job or reduction in work hours to less than 40 per week. Claims are sensitive to changing economic conditions and are a good predictor of turning points. In the initial stages of economic recovery, layoffs are slow and hiring accelerates with the result that claims drop. In the later stages of an expansion, as the economy begins to decelerate and the labor market softens, layoffs occur at the margins of the workforce, hiring slows, and initial claims increase. Data Source: Virgin Islands Department of Labor Unemployment Insurance, Employment and Training Report 5159. This report captures all initial claims processed for a given time frame. The production of this report is monthly.
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The trend on a year over basis reflects marked changes in the number of individuals seeking unemployment insurance. Increased numbers were noticeable in 2nd and 3rd quarters of 2009, and the average claims advancing to 471 for the first half of the 2009.
Unemployment Initial Claims Over the Year
650 625 600 575 550 525 500 475 450 425 400 375 350 325 300 275 250 225 200 175 150 125 100 75
607 567
526
501
498
481
469
478
Number of Claims
357
330
374
344
293
Sep-08 Sep-08 Series1 607
Oct-08 Oct-08 357
Nov-08 Nov-08 330
Dec-08 Dec-08 293
Jan-09 Jan-09 374
Feb-09 Feb-09 344
Mar-09 Mar-09 501 Period (s)
Apr-09 Apr-09 498
May-09 May-09 481
Jun-09 Jun-09 469
Jul-09 Jul-09 567
Aug-09 Aug-09 478
Sep-09 Sep-09 526
________________________________________________________________________
Initial claims for unemployment insurance are a component of leading economic indicators. Claims represent the number of workers filing for unemployment benefits following the loss of a job or reduction in work hours to less than 40 per week. Claims are sensitive to changing economic conditions and are a good predictor of turning points. In the initial stages of economic recovery, layoffs are slow and hiring accelerates with the result that claims drop. In the later stages of an expansion, as the economy begins to decelerate and the labor market softens, layoffs occur at the margins of the workforce, hiring slows, and initial claims increase. Data Source: Virgin Islands Department of Labor Unemployment Insurance, Employment and Training Report 5159. This report captures all initial claims processed for a given time frame. The production of this report is monthly.
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