Puerto Rico's economic activity index increased for the fourth month in a row to 130.3, a 02% increase from the prior month.
Since January, the island's payroll employment has increased by 18,400 jobs, including 13,700 service-sector jobs. U.S. Census jobs have helped to contribute to this growth.
Year-over-year payroll employment is down by 3.1%, the lowest year-over-year decline since July 2009, according to the GDB-EAI for of May, compiled by the Government Development Bank for Puerto Rico. The GDB is Puerto Rico's financial adviser.
Electric consumption also increased in May. Consumers used 4.3% more energy year-over-year.
"Electricity consumption has increased strongly during the current fiscal year, particularly during the last three months," the GDB said. "Projections are pointing towards electricity consumption registering a year-over-year positive growth of 3.5% in fiscal 2010, the first annual positive growth since fiscal 2007."
While cement sales dipped slightly in May, year-over-year growth rates are starting to improve.
Gasoline consumption dropped in May to 90 million gallons from 98 millions the month before. Monthly sales in fiscal 2010, which began July 1, are averaging 91 million gallons.
