Puerto Rico’s workforce fell to 41.4 percent in January 2011, representing the lowestparticipation raterecordedforthe month ofJanuarysince1983, when the number reached40.7 percent, the Labor Department informed Friday.
The agency disclosed that the unemployment rate for January 2011 reached 15.7 percent, showing almost no change when compared to the 15.8 percent on record for the same month a year ago. When compared to December, the figure reflected a drop of one percentage point.
When broken down, the agency’s statistics show that in January, Puerto Rico had 203,000 unemployed residents — or 16,000 more than in the prior month — which is considered “normal” as a result of temporary jobs typically created during the holiday season, said Labor Secretary Miguel Romero.
Meanwhile, the number of people employed in January 2011 totaled 1,087,000, or 26,000 fewer people than reported during the same month in 2010.
Romero said the drop in unemployment year-over-year, despite there being more people out of work, is explained by the shrinking workforce.
Business reporter with 30 years of experience writing for weekly and daily newspapers, as well as trade publications in Puerto Rico. My list of former employers includes Caribbean Business, The San Juan Star, and the Puerto Rico Daily Sun, among others. My areas of expertise include telecommunications, technology, retail, agriculture, tourism, banking and most other segments of Puerto Rico’s economy.
Miguel Romero,,,PR unemployed 203,000 or 16,000 more is "NORMAL"….AND 1,087,000 or 26,000 fewer people "explained by the shrinking workforce" boy it sounds like if its OK for you and the government. God help us if you and yours remain for much longer with your excuses, please get me a JOB…
“This project not only represents a significant investment in our island’s tourism infrastructure, but also symbolizes Puerto Rico’s ability to attract and execute large-scale projects.
The Investment Portfolio Program, with a budget of $800 million, plays a crucial role in offering loans with favorable terms for the development of projects that have the potential to transform the Puerto Rican economy.”
— Puerto Rico Housing Secretary William Rodríguez regarding the construction of a $77 million dual-branded hotel project in San Juan’s Convention Center District, featuring Hilton’s Hampton and Homewood Suites.
The project by PRISA Group includes a 400-vehicle parking structure and a 175,000-square-foot hotel tower, financed by Banco Popular and a $10 million federal disaster recovery loan from the Economic Development Investment Portfolio Program managed by the Department of Housing.
Miguel Romero,,,PR unemployed 203,000 or 16,000 more is "NORMAL"….AND 1,087,000 or 26,000 fewer people "explained by the shrinking workforce" boy it sounds like if its OK for you and the government. God help us if you and yours remain for much longer with your excuses, please get me a JOB…