Hågatña, Guam – Guam’s unemployment rate is on a steady path of decline, falling from 4.4% to 4.0% in December 2022. This also represents a reduction of 3.2% percentage points from the previous year when the unemployment rate was 7.2%. According to the Unemployment Situation Report, the total number of persons unemployed in December 2022 was 2,900 – a decrease of 2,290 unemployed people compared to the year prior.
“Today’s report is great news for our economy and more evidence that our administration’s economic plan is working,” said Governor Lou Leon Guerrero. “We have just finished the two strongest years of job growth in our island’s history, and we are seeing a transition to steady and stable growth. We still have work to do to bring down inflation and help the families most impacted by the cost of living, but we are moving in the right direction.”
The Current Employment Report also shows that in December 2022 the total number of jobs increased by 3,190 year-over-year, and 840 in the last quarter. Additionally, private sector employees are earning more now than they were at pre-pandemic levels, at an average of $627.06 a week compared to $534.36 in December 2019.
“These historic jobs and unemployment gains are giving workers more power and families more breathing room,” said Lt. Governor Josh Tenorio. “Real wages are up, gas prices are down, and we are seeing welcome signs that inflation is coming down as well. We have more work to do, but it is clear that our economic strategy of growing the economy from the bottom up and middle out is working. It’s a good time to be a worker in Guam.”
“In addition to increases in the number of persons employed, those employed are working longer hours as more normal work schedules resume to support higher levels of business activity. The employment increases are driven by substantial tourist arrival recovery and increased construction both civilian and defense related. As of January 31, 2023, according to Guam Visitors Bureau arrival counts, Korean tourist arrivals have recovered to over 57 percent of the January pre-pandemic levels. Japan tourist arrivals have also increased over the year, although at a slower pace,” said Guam Department of Labor (GDOL) Chief Economist Gary Hiles.
The December 2022 Unemployment Situation report and Current Employment Report are available online at bls.guam.gov. For more information, contact the Bureau of Labor Statistics at 671-475-7054.