October 20, 2023
Unemployment Rate Remains Steady at 4%
Guam’s unemployment rate remained at a steady 4.0% in June 2023, unchanged from the December 2022 figure of 4.0%. This unemployment rate also saw a reduction of 0.8% from the June 2022 figure of 4.8%.
The June 2023 Current Employment Report shows the number of jobs dipped by 1,450 compared to the previous quarter but was still up by 2,420 year-over-year. Private sector employment decreased by 830 in the latest quarter but remained up by 1,990 over the year.
“The unemployment numbers show the resiliency in our economy despite the global pandemic and the devastation from Typhoon Mawar. As we continue the work to restore tourism to pre-pandemic levels, we will continue our efforts to expand and prepare our workforce to meet the needs of our island,” said Acting Governor Joshua Tenorio.
The June 2023 Current Employment Report notes that the decline in jobs can be attributed to several factors, including summer employment in educational institutions which support them, but this number is expected to rebound in September. This survey was also conducted three weeks after Typhoon Mawar, when employment was temporarily depressed in tourism-related and other industries.
“These increases over the year occurred despite a dip, which appears to be temporary, of 830 jobs in June following Typhoon Mawar. This increased employment through June 2023 is primarily associated with increased construction activities at the Marine Corps Camp Blaz base in addition to civilian commercial and residential construction as well as government roads and utilities. Increased Hotel and Retail Trade activity is largely driven by continuing substantial tourist arrival recovery from the pandemic lows as well as increased consumer incomes from this activity,” said Guam Department of Labor (GDOL) Chief Economist Gary Hiles. “In comparison to December 2019 pre-pandemic to June 2023, private sector average hourly earnings have increased from $14.55 to $18.26, average weekly hours paid have nearly recovered from 36.7 to 36.3 and average weekly earnings increased from $534.36 to $663.70.”
The Unemployment Situation Report and the Current Employment Report are available online at bls.guam.gov. For more information, contact the Bureau of Labor Statistics at 671-475-7054.