By John McPhaul
jpmchaul@gmail.com
Labor market statistics continue to reflect a positive trend for the month of February 2023, said Labor and Human Resources Secretary, Gabriel Maldonado González.
“Month after month, we continue to witness a very positive trend in the Puerto Rican labor market... The insertion of these groups into the world of work, within an environment that tends to diversity, equity and inclusion, are key to ensuring the economic growth of our island and a better quality of life for all who live on it, “ said Maldonado González in written statements.
According to the publication of Employment and Unemployment, which is nourished by the Working Group Survey, during the month of February 2023, the seasonally adjusted unemployment rate was registered at 65. No change was registered from January 2023. When compared to February 2022 (6.3%), the unemployment rate reflected a decrease of 0.3 percentage point. Contrasting with January 2021 (9%), it equates to three percentage points less.
The seasonally unadjusted labor participation rate during February 2023 was estimated at 44.1%, for a decrease of 0.3 percentage point compared to January 2023 (44.4%). If we contrast it with February 2022 (44.3%), we see a decrease of 0.2 percentage point in the aforementioned indicator. However, if we compare with January 2021 (40.4%), the increase is 3.7 percentage points.
On the other hand, in February 2023 the estimate of the working group, seasonally adjusted, was 1,203,000 people, thus meaning an increase of 5,000 citizens, when compared to January 2023 (1,198,000). The comparison with February 2022 (1,212,000) showed a reduction of 9,000 people in the working group, while if contrasted with January 2021 (1,118,000), there was an increase of 85,000 people.
Total employment in Puerto Rico for February 2023, seasonally adjusted, was 1,130,000. This figure is equivalent to 4,000 more people when compared to January 2023 (1,126,000). Compared to February 2022 (1,136,000), a decrease of 6,000 workers was registered, but when compared to January 2021 (1,018,000), the level of employment registered an increase of 112,000 employed citizens.
As for the number of unemployed people, seasonally adjusted, in February 2023 73,000 individuals were registered, about a thousand more than in January 2023 (72,000). This number represents a decrease of 3,000 people when compared to February 2022 (76,000) and 27,000 when compared to January 2021 (100,000).
On the other hand, according to figures from the Non-Agricultural Salaried Employment publication corresponding to February 2023, seasonally adjusted data placed the level of salaried employment at 942,200. When compared to January 2023 (941,200), salaried employment reflected an increase of 1,000 employees. If we compare with February 2022 (913,700), the increase is 28,500, while when contrasting with January 2021 (850,900), the increase is 91,300.
According to this publication, the economic sectors that registered monthly increases were professional and commercial services; recreation and accommodation; education and health services; mining, logging and construction and other services. The trade, transportation and utilities sector, as well as the government, reflected declines. No changes were shown in the manufacturing and information and finance sectors. When making the year-on-year comparison, all economic sectors increased their level of employment.