Unemployment Rate Drops Signifigantly
Guam – According to the Guam Department of Labor, unemployment on island has dropped significantly down to 7.4 percent.
“The Department of Labor just released the unemployment statistics for December and March showing it’s declined from 10 percent in September to 8.4 percent in December and again to 7.4 percent in March of 2014, “ said GDOL chief economist Gary Hiles. This decline is a significant one from the 10 percent unemployment rate back in September of 2013.
Governor Eddie Calvo says women’s unemployment is even better. “When it comes to women’s unemployment for those of that demographic we’re a little bit above 5 percent unemployment that is probably a record for unemployment statistics for women here on Guam,” said Governor Calvo.
Says these are positive indicators that Guam’s economy is getting stronger. But just as with previous unemployment rates this unemployment rate is partially due to people who stop looking for jobs. “People who stop looking for jobs no longer count as unemployed?” asked PNC. “?Yes in order to be counted as unemployed we use the same definitions as nationally you have to be available for work and have looked for work in the last four weeks,” said Hiles.
This information is gathered by a survey that the Department of Labor’s Bureau of Labor Statistics conducts themselves by randomly calling a sample of people on Guam. Hiles says GDOL has gathered this information the same way since 1974. Guam Department of Labor Director Manny Cruz says, “We didn’t make this up it’s all coming out of all the information we have gathered since September of 2013.”
Cruz and Hiles both say they stand by the results of their unemployment survey and they both believe it’s a good indicator of Guam’s strengthening economy.