Puerto Rico's unemployment rate jumped to 14.1% in September, a second month of increases as the commonwealth battles to bolster its sagging economy.
Puerto Rican unemployment, which rose from 13.5% in August, remained below the 14.6% rate a year earlier, the United States Bureau of Labor Statistics reported Tuesday. Analysts view the report as a key indicator of the economic growth necessary for the government to repay its debts, including $3.5 billion of general obligation bonds issued in March after the rating agencies had lowered the commonwealth's credit to non-investment grade.
After reaching a five and a half year low of 13.1% in June, the unemployment rate remained at that level in July. The household survey, which is the basis for the rate calculation, showed the number of unemployed up 4.47% to September from August. It also showed the number of employed down by 0.72% in the same period.
Along with the household survey, the bureau also looks at employment through an employer survey. This showed that private sector employment was up 0.6% to September from September 2013.
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 11 straight months through September.
