Puerto Rico economic activity falls another 2%
Puerto Rico’s April economic activity index fell 2% in April from a year earlier, signaling continued weakness as the island government embarks on its record breaking municipal debt restructuring.
Compared with the index data for April 2016, all four economic statistics declined. Total non-farm payroll employment slipped 1.1%. Electric power generation dropped 5.7%. Gasoline consumption slid 8.5%, and cement sales were down 7%.
Though the index ticked 0.4% higher from March, it shows Puerto Rico economic activity is down 20% from its peak in the spring of 2005. It is even with the level last found in summer 1992.
The Government Development Bank for Puerto Rico released the April economic activity index data Friday.
The U.S. Bureau of Labor Statistics reported that its household survey of Puerto Rico residents in April showed that employment was up 0.4% from April 2016.