It looks as though Guam’s workforce is on a path to recovery following the Covid Pandemic.
The Office of the Governor says that the unemployment rate fell 4.4% in September of last year – which is a decrease of 0.4% from June 2022.
The report – which was provided by the Bureau of Labor Statistics, says that the number of unemployed people in September 2022 was 3,130 – which is reportedly a decrease in the latest quarter and year.
The report goes onto say that the “September 2022 statistics continue the trend of declining numbers of unemployed persons and unemployment rate every quarter consecutively for the last seven quarters since the pandemic high figures occurred in December 2020.”
Unemployment rates, according to the BLS report, shows that with an exemption of Teenagers and Part-Time workers, there was a significant decrease when comparing June 2021 to September 2022.
Teenagers reportedly went from an unemployment rate of 27.7% to 37.5%, meanwhile Part-time workers went from 6.8% to 7.7%.
According to the Office of the Governor, with the increase of tourists from Korea and Japan, as well as both countries easing their travel restrictions – they have both contribute to the recent expansion in Guam’s economy.
Governor Lou Leon Guerrero says that, “there are some lingering effects from the pandemic we continue to address, but we are emerging from this crisis.”