Puerto Rico's Economic Activity Index up 0.1% in November

Puerto Rico's economic activity index climbed 0.1% in November compared to October.

Compared to November 2013 the November 2014 index value was down 2.1%.

Compared to October, non-farm payroll employment and gasoline consumption were up and electric power generation and cement sales were down.

Total non-farm payroll employment increased 1.2% compared to October and was essentially unchanged from the year-earlier level, the Government Development Bank for Puerto Rico reported. Seasonally adjusted non-farm employment had its fourth consecutive increase from the year-earlier level.

Private sector employment had its 13th consecutive monthly increase from year-earlier levels.

Gasoline consumption increased by 2.8% compared to October and by 1.3% compared to November 2013.

However, electric power generation decreased 11.2% from October and 3.3% compared to November 2013.

Puerto Rico's cement sales decreased 24% compared to October and 19.5% compared to November 2013.

Despite these major decreases in cement sales, the United States Bureau of Labor Statistics drew a different picture of the direction of the island's construction industry.

From October to November the island's seasonally-adjusted mining, logging and construction employment was down 0.3%. From November 2013 to November 2014 it was up 7.6%.

The GDB says its economic activity index has historically had a strong positive correlation to Puerto Rico's Gross National Product both in level and growth rates.

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Puerto Rico
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