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Writer's pictureThe San Juan Daily Star

Unemployment rate remains at 5.8% for 30 consecutive month



By The STAR STAFF


The unemployment rate remained at 5.8% in June, reflecting 30 consecutive months with a rate of 6.5% or less, the Department of Labor and Human Resources (DTRH) and U.S. Bureau of Labor Statistics reported Sunday.


“The unemployment rate is one of the main indicators of the labor market and the economic situation. In a jurisdiction where double digits were the norm, today we can celebrate that we have maintained a historically low figure for two and a half years, taking a rate of 6.5% or less as a starting point. On the other hand, and although we must ensure that the number continues to increase until reaching optimal levels, salaried employment in mining, logging, and construction is at its highest point since 2012, with 37,300 jobs, in line with the progress in the reconstruction projects financed with federal funds and other private investment that occurs on the island,” Labot Secretary Gabriel Maldonado-Gonzalez said.


Meanwhile, manufacturing, which makes up 45% of our economy, has grown at a rate of 8,800 jobs in the last 30 months and reached 84,500 highest-paid jobs.


“The recreation and accommodation industry once again broke the employment record in this sector and continues to be where the most jobs have been created since January 2021, adding 29,200 additional jobs for an estimated total of 99,900. For numbers as positive as these to continue to be reflected, it is essential to continue increasing the labor participation rate through different initiatives between the private sector, non-profit organizations and the government that impact those who could join the workforce,” Maldonado-González said.


According to the Employment and Unemployment publication, which is based on the Worker Group Survey, the unemployment rate, seasonally adjusted, was 5.8% for the month of June 2024, a reduction of 3.2 percentage points compared to January 2024. 2021. It represented no change compared to May 2024, while it represented a decrease of 0.3 percentage points compared to June 2023. The current unemployment rate continues to be one of the lowest in our history.


For its part, the labor participation rate, not seasonally adjusted, for June 2024 was estimated at 43.9%, which is 3.5 percentage points more than as of January 2021. It represents a decrease of 0.1 percentage point compared to the previous month. and 1.3 percentage points compared to June 2023. The current figure is among the highest labor participation rates we have had since 2010, indicating a growing and active workforce in Puerto Rico.


For June 2024, the estimate of the working group, seasonally adjusted, was 1,203,000, equivalent to 85,000 additional people compared to January 2021. The new figure represents 4,000 fewer people compared to the previous month but added 26,000 people when the interannual comparison. It is one of the highest numbers of people in the workforce since 2012.


Total employment, seasonally adjusted, was set at 1,133,000 in June 2024, for an increase of 115,000 jobs compared to January 2021 and one of the highest totals in the last 15 years. The number decreased by 3,000 people compared to the previous month but represents 28,000 more than the number reported in June 2023. Total employment includes self-employed workers, estimated at 196,000 for June 2024, according to data not seasonally adjusted. The numbers show a continuing upward trend of people who decide to start a business after the COVID-19 pandemic, adding 31,000 to those reported in January 2020.

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