By EFE
Sep 20, 2024, 11:43 AM EDT
San Juan – The unemployment rate in Puerto Rico last August stood at 5.7%, 0.1 percentage points lower than that reported in July of this year and August 2023, reflecting stability in the labor market for 32 consecutive months.
This was reported this Friday by the local Department of Labor and Human Resources (DTRH), together with the Bureau of Labor Statistics of the United States Department of Labor, according to the most recent employment and unemployment statistics in Puerto Rico corresponding to August 2024.
“The reduction in unemployment and the increase in labor force participation reflect transformed lives, families that today have more stability and an economy that is moving toward the future with more solid foundations,” said Naihomy Álamo Rivera, acting secretary of the DTRH, in a statement.
“At the Department of Labor, we will continue to redouble our efforts to ensure that this positive trend continues and that those still seeking employment find the tools and support necessary to successfully integrate into the labor market,” he added.
According to the unemployment statistics released, the seasonally adjusted figure stood at 68,000 people in August 2024, about 1,000 fewer than last July.
And compared to the statistics for August 2023, this means a reduction of 2,000 unemployed.
Meanwhile, the Employment and Unemployment publication, which is based on the Worker Group Survey, estimated the non-seasonally adjusted labor force participation rate in August 2024 at 43.9%, an additional 0.1 percentage point compared to last July and August 2023.
In terms of the seasonally adjusted number of people employed in Puerto Rico for August 2024, it was 1,134,000, an increase of 2,000 people in relation to July 2024.
Likewise, the seasonally adjusted workforce increased to 1,202,000 people, an increase of 4,000 compared to August 2023.
Self-employment in August 2024 stood at 205,000 people, some 16,000 more than those estimated for August 2023.
On the other hand, according to non-seasonally adjusted data from the Worker Group Survey, agricultural employment was estimated at 10,000 people in August 2024, some 2,000 more than the same month in 2023.
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