The Government Development Bank for Puerto Rico’s economic activity index increased slightly to 127.2 in February, the first increase since October.
Year over year, February’s 127.2 reading is down 1.8% from 129.5 in 2010. That is the smallest year-over-year decline since September 2007.
The key components of the index are payroll employment, cement sales, and gasoline and electric power consumption. Total payroll employment was 917,700 in February.
“Private-sector employment continues its improving trend, with total private-sector employment registering the smallest year-over-year rate of decline since September 2007,” according to the report for February.
More than 1.6 million bags of cement were sold in February, showing a year-over-year increase.
Residents, businesses, and tourists used 84.7 million gallons of gasoline during the month. The average monthly gasoline consumption from July through February is 89.3 million gallons.
The island used 1.39 billion of kilowatt hours, a 2% increase over February 2010.
The GDB accesses the capital markets for the commonwealth and many of its bonding authorities. It is also the government’s fiscal adviser.
