By The Star Staff
Labor and Human Resources (DTRH by its Spanish initials) Secretary Gabriel Maldonado González announced on Wednesday the publication of the Business Employment Dynamics (BED) report for the third quarter (3Q) of 2022, which reflects a net increase in jobs and establishments in the private sector in that period.
During 3Q 2022, the BED recorded a net increase of 7,855 jobs in the private sector. In addition, 304 additional net establishments were registered.
Maldonado González noted that “the BED is another tool that our agency and the [federal] Bureau of Labor Statistics [BLS] … have to measure and evaluate the behavior of the labor market.”
“In our economic system, it is normal for some employers to show an increase in their employment levels, while others experience a reduction in their workforce. Meanwhile, the creation of new establishments or the closure of any of them also has an impact on the total number of jobs in a particular quarter,” he said. “When analyzing the data, we note that, as reflected in the other reports published by the DTRH, the BED demonstrates a positive trend in the private sector …”
According to the report, during the reference period, 46,034 jobs were created, of which 38,442 correspond to expansions of establishments and 7,592 to new establishments. On the other hand, there was a loss of 38,179 jobs, of which 33,134 correspond to contractions of establishments and 5,045 to closures of establishments. The dynamic recorded in employment, the DTRH secretary said, is explained by the changes observed in the number of establishments since during the third quarter of 2022, some 1,420 establishments entered into operation, while 9,255 existing companies expanded their operations. An estimated 1,116 establishments closed and 8,516 reduced operations.
BED reports are based on the BLS Quarterly Census of Jobs and Wages, and include data related to private employers who pay unemployment insurance and present net changes in terms of jobs and establishments in Puerto Rico by quarter.