Virgin Islands Unemployment Initial Claims (Unadjusted) (Download Initial Claims databelow)

Initial claims for unemployment insurance are a component of leading economic indicators. Claims represent the number of workers filing for unemployment benefits following the loss of a job. Claims are sensitive to changing economic conditions and are a good predictor of turning points. In the initial stages of economic recovery, layoffs are slow and hiring accelerates with the result that claims drop. In the later stages of an expansion, as the economy begins to decelerate and the labor market softens, layoffs occur at the margins of the work force, hiring slows, and initial claims increase.