Puerto Rico Unemployment Rate Declined in October

Puerto Rico's unemployment rate declined to 14.0% in October from 14.1% in September, a sliver of hope for its struggling economy.

In another positive sign, for the first time in 27 months the United States Bureau of Labor Statistics household survey data showed total Puerto Rico employment up on a month-to-month basis.

Puerto Rico's lowest unemployment rate since Gov. Alexander García Padilla came to office in January 2013 was 13.1% this July and the highest rate was 15.5% in December 2013. Puerto Rico's highest unemployment rate in the last 10 years was 16.9% on May 2010.

While the BLS household survey is the basis of the unemployment rate, the bureau also looks at employment through an employer survey. This showed that private sector employment was up 0.2% in October compared to October 2013, using preliminary data for this October.

Advantage Business Consulting President Vicente Feliciano has said gains in the private sector employer survey employment year-over-year have been a sign of a strengthening economy. This survey has shown private sector employment growing on a year over year basis for 12 straight months through October.

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