October unemployment rate equals all-time low
By The Star Staff
The unemployment rate in Puerto Rico decreased to 5.8% in October, according to the island Department of Labor and Human Resources (DTRH by its Spanish initials) and the Bureau of Labor Statistics.
“October 2023 marks a milestone by matching the lowest unemployment rate in our history,” DTRH Secretary Gabriel Maldonado González said in a written statement issued late last week. “The labor force participation rate increased to 44.6 percent, reflecting more than 100,000 additional jobs since January 2021. These numbers underscore the growth and resilience of our workforce.”
The labor force participation rate, not seasonally adjusted, was estimated at 44.6% for October, showing a significant increase since January 2021. Total seasonally adjusted employment reached 1,129,000, one of the highest figures since 2009, with a notable increase in the recreation and accommodation sector.
The number of self-employed people stood at 202,000, meanwhile, setting a new record and highlighting a growing trend toward self-employment. In addition, a decrease in the number of unemployed people was reported, with 69,000 citizens.
The non-farm salaried employment survey showed a total of 955,900 jobs in October, with notable increases in several sectors such as construction, manufacturing, trade, education and health services.