“These are the signs of an economy that’s getting better, despite what’s going on in the States. We have a ways to go, still. There are more people looking for work. There are a lot of people who need better pay. There are Guamanians who need more training. We’re on the right path. We’ll get there.” — Governor Eddie Baza Calvo
Private Sector Grows by Nearly 1,300 Jobs
Guam’s workforce grew with nearly 1,300 new private sector jobs in one year, or 600 over the previous quarter. The increases are in the construction, transportation and utilities, wholesale, retail, and tourism sectors.
December 2011 to December 2012 Comparison Shows Dramatic Increase
The Department of Labor released the latest jobs report, the December 2012 Current Employment Report. The quarterly publication shows trends in the job market on Guam. It is usual to see slightly higher employment in some sectors during December due to seasonal factors. The significant employment increase from the comparable December last year is an indicator of economic expansion rather than seasonal variation.
Breakdown of Private Sector Growth
Here is a breakdown of new jobs in the private sector:
– TOTAL PRIVATE SECTOR: 1,290 since Dec. 2011; 600 since Sept. 2012
– CONSTRUCTION: 680 since Dec. 2011; 230 since Sept. 2012
– TRANS. & UTILITIES: 420 since Dec. 2011; 130 since Sept. 2012
– WHOLESALE: 140 since Dec. 2011; 70 since Sept. 2012
– RETAIL: 100 since Dec. 2011; 170 since Sept. 2012
– HOTELS: 390 since Dec. 2011; 100 since Sept. 2012
Hourly Earnings, Weekly Hours, and Weekly Earnings Increase Significantly
“Private average hourly earnings, average weekly hours paid, and average weekly earnings all increased significantly in the latest quarter and year. Compared to one year ago, average hourly earnings increased from $12.36 to $12.95 (3.6%), average hours worked increased from 35.7 to 37.0 (4.8%) and average weekly earnings are up from $442.03 to $479.23 (8.4%).” — Chief Economist Gary Hiles
GovGuam Workforce Shrinks
The government of Guam is shrinking while the private sector is growing. GovGuam lost 200 jobs over the year, and 90 alone over the previous quarter.
End of Release
A copy of the December 2012 Current Employment Report can be viewed by clicking here.