The Government Development Bank for Puerto Rico’s economic activity index increased slightly to 127.3 in March, as gasoline consumption fell for the second month in a row. Year over year, March’s 127.3 reading is down 1.8% from 129.7 in 2010. That is the smallest year-over-year decline since August 2007, according to the GDB’s March EAI report.
Officials calculate the index using payroll figures, cement sales, and gasoline and electric consumption levels. The EAI is closely aligned with Puerto Rico’s gross domestic product.
March’s total payroll employment is 918,700, as the island added 6,300 jobs since January. While it’s the third consecutive monthly rise for Puerto Rico, year-over-year employment is down 2.6%.
“Private sector employment continues its improving trend with total private sector employment registering the second smallest year-over-year rate of decline since September 2007,” the GDB said.
Puerto Rico’s March unemployment rate is 16.9%, according to the U.S. Bureau of Labor Statistics. March cement sales total more than 1.9 million bags, the highest level since July 2009. Year-over-year cement sales are up by 4.9%.
Gasoline sales dropped to 79.5 millions of gallons from the 88.9 million sold in January. A rise in oil prices contributed to a year-over-year decrease as well. The island sold 9.9 million more gallons of gasoline in March 2010, a 11% difference compared to this year.
Electric power consumption increased to 1.47 billion of kilowatt hours and showed a first-quarter increase of 7.1%. That’s still 8.8% below March 2010 electric consumption levels.
The GDB accesses the capital markets for the commonwealth and many of its bonding authorities. It is also the government’s fiscal adviser.
