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Puerto Rico Governor Rosselló Nevares announces lowest unemployment rate in almost 50 years amidst increased employment opportunities

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Puerto Rico Governor Rosselló Nevares announces lowest unemployment rate in almost 50 years amidst increased employment opportunities

PR Newswire

SAN JUAN, Puerto Rico, July 25, 2018 /PRNewswire/ -- Governor Ricardo Rosselló Nevares announced that the unemployment rate for Puerto Rico dropped to 9.3%, the lowest rate of the last 50 years based on the Department of Labor and Human Resources (DLHR) household survey for June, 2018, with methodology validated by the federal government. 

The survey additionally showed an increase in the total number of residents with jobs, labor force participation, and the number of salaried jobs. 

The Governor said these numbers were the results of "the business sector's confidence in Puerto Rico and the measures that have been taken to attract outside capital."

For June 2018, the total number of residents with jobs in Puerto Rico was 996,000, an increase of 9,000 individuals since January, 2017, an increase of 11,000 since June 2017, and the highest rate since October 2013.

There were 983,000 job holders when the current Administration took over, indicating a net growth of 13,000 jobs during the current administration following years of job losses.

The first 18 months of the previous administration saw a loss of 34,000 jobs.

According to the study, the 9.3% June unemployment was a 0.3% decrease from the previous month and a 1% decrease from June 2017.  This rate is the lowest in the monthly records of the agency.

Similarly, the labor participation rate grew to 41.1%, an increase of .6% compared to May of this year and 1.8% compared to the same month last year. This rate increased by 2.6% since October 2017, the month after Hurricanes Irma and Maria.

The June 2018 Non-Farm Employment survey- based on commercial payroll data- reflected some 852,000 salaried positions, an increase of 3,200 salaried positions from the previous month.

Despite this growth, DLHR Secretary Carlos Saavedra Gutiérrez said that the 31,200 decrease in salaried positions relative to June of 2017 showed the continued effects of Hurricanes Irma and Maria.

Regarding the Island's post-hurricane recovery, Saavedra Gutiérrez highlighted an increase of 15,800 salaried employees, even though this number remains lower than those registered prior to the September 2017 disasters.

The official statistics of the Department can be found here: www.mercadolaboral.pr.gov.

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SOURCE Puerto Rico Federal Affairs Administration

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