Puerto Rico’s unemployment rate declined in September to its lowest level in at least 76 years, according to local and federal government sources.
The island’s unemployment rate declined to 8.4% in September from 8.8% in August and an estimated 10.6% in September 2017, according to the U.S. Bureau of Labor Statistics.
According to Puerto Rico’s Department of Labor and Human Resources, the island has monthly unemployment rate data available to 1970 and annual rate data back to 1942. The recorded rates have never been as low as 8.4% prior to this September, it said.
The 8.4% level was 0.4 percentage points lower than the August figure and 2.2 percentage points lower than the September 2017 figure.
Due to the hurricanes that hit Puerto Rico in September 2017, the BLS was unable to conduct the employment survey in that month. It has accordingly estimated the September 2017 employment statistics.
The peak unemployment rate in the last 10 years came in May 2010 when the rate stood at 17%.
The bureau’s household survey also showed an improvement in total number of people employed. The September figure was up by less than 0.1% from August and by 3.3% since September 2017. It was the highest level since January 2013.
“We still have a lot to do, but the improvement in the labor scene and economic statistics show that the reforms we have implemented to make Puerto Rico more competitive have had a positive effect,” said Gov. Ricardo Rosselló.
Along with the household survey, the bureau also releases an employment survey based on a survey of workplaces. That wasn’t as positive as the household survey.
The workplace survey showed that total non-farm employment rose by 0.2% since August but down 1.9% since September 2017.
It also showed that total nonfarm private sector employment increased 0.2% since August, though it was down 1.5% since September 2017.
Puerto Rico Secretary of Labor Carlos Saavedra Gutiérrez said that there has been increasing amounts of self-employment in recent months.
