Monday, November 25, 2013

Puerto Rico: Unemployment Rate Rises 2/10 of 1% in October, Job Loss Increases 4 Months Running

According to The Latin American Tribune, Puerto Rico’s unemployment rate rose by two-tenths of a percent in October, compared to the previous month, to 14.7%, Secretary of Labor and Human Resources Vance Thomas said.

The unemployment rate rose by half a percentage point last month, compared to October 2012, with the number of jobless people on the island rising to 174,000, Thomas said.

COMMENT: The Territory's labor market had 1.01 million people in October.

The island’s unemployment rate dropped from January to June, falling to 13.5%, but it began to climb again in July, rising for four consecutive months.

Unfortunately, apart from having a serious drug trafficking problem, a crisis in effective policing and rising unemployment, none of these factors bode well for a positive economic forecast.