top of page
Search
  • Writer's pictureThe San Juan Daily Star

Labor Department reports 26 consecutive months of 6.5 or less unemployment



Secretary of the Department of Labor and Human Resources (DTRH), Gabriel Maldonado González.

By The Star Staff


The Secretary of the Department of Labor and Human Resources (DTRH), Gabriel Maldonado González, reported late last week that in conjunction with the Bureau of Labor Statistics of the U.S. Department of Labor, the department published that, for the month of February 2024, the unemployment rate remained at 5.7 percent, which represents a total of 26 consecutive months with a rate of 6.5 percent or less.


“We have been experiencing the lowest levels of unemployment in our history for more than two years, in a jurisdiction where double-digit employment was the norm, with the highest total employment since 2008. The labor force participation rate continues to reflect positive numbers and continues to be our agency’s primary focus on public policy. To meet the need for additional labor demanded by employers in all economic sectors, we have to think outside the box, innovate and impact the population segments where we have a large number of people outside the labor market, ensuring diversity, equity and inclusion of everyone in the world of work. Initiatives such as Infinite Talent, aimed at the population with functional diversity launched in May 2023 and whose expansion we announced yesterday, are key when it comes to identifying, training and inserting people with functional diversity into the workforce, providing the necessary tools to increase the employability of our infinite talents,” said Maldonado González in written statements.


Employment and Unemployment


According to the Employment and Unemployment publication, which is based on the Worker Group Survey, the unemployment rate, seasonally adjusted, stood at 5.7 percent for the month of February 2024, a reduction of 3.3 percentage points when compared to January 2021. It reflected no changes compared to January 2024, while it represented a decrease of 0.3 percentage point when compared to February 2023. The current unemployment rate is the second lowest number in our history.


The labor participation rate, not seasonally adjusted, for February 2024 was estimated at 44.5 percent, which is 4.1 percentage points higher when compared to January 2021. This represents a decrease of 0.3 percentage points from the previous month, but an increase of 0.3 percentage points from February 2023. The current figure is among the highest labor force participation rates we’ve had in the last 15 years.


For the month of February 2024, the estimated working group, seasonally adjusted, was 1,217,000, equivalent to 99,000 additional people when compared to January 2021. The new figure adds 1,000 more people compared to the previous month and 19,000 when making the year-on-year comparison. That’s the highest number of people in the labor force since 2011.


Total employment, seasonally adjusted, was set at 1,147,000 in February 2024, for an increase of 129,000 jobs compared to January 2021 and the highest number since 2008. The figure remained unchanged from the previous month and represents 21,000 more than those reported in February 2023. Total employment includes the self-employed, who were estimated at 202,000 by February 2024 based on non-seasonally adjusted data, consistent with the upward trend in this line that we have seen after the COVID-19 pandemic.


As for unemployed people, seasonally adjusted, the monthly statistics reflected a figure of 70,000 people for February 2024, which in turn is 30,000 fewer than those reported in January 2021. This figure represents an additional 1,000 people compared to the previous month, but a decrease of 2,000 people when compared to February 2023. It is one of the lowest unemployed totals in Puerto Rico’s history.


Non-Agricultural Salaried Employment


Preliminary, seasonally adjusted results from the monthly survey of non-farm salaried employment reflected a total of 957,600 salaried jobs in February 2024, which is 106,500 more than those reported in January 2021. This is the highest total salaried employment in the last 15 years. The new figure constitutes an increase of 700 jobs when compared to January 2024, while it reflected an increase of 23,000 salaried jobs compared to the previous year.

41 views0 comments

Opmerkingen


bottom of page