June unemployment remained at 5.8% in Puerto Rico

The rate has been at 6.5% or lower for 30 consecutive months, the Labor Department noted.
The Puerto Rico Labor and Human Resources Department, along with the U.S. Department of Labor Bureau of Labor Statistics, reported that the unemployment rate for June remained at 5.8%, marking 30 consecutive months with a rate of 6.5% or less.
“The unemployment rate is one of the primary indicators of the labor market and economic situation in a jurisdiction,” Puerto Rico Labor Secretary Gabriel Maldonado said. “In a jurisdiction where double-digit rates were once the norm, we can now celebrate maintaining a historically low rate for two and a half years, starting from a rate of 6.5% or less.”
Maldonado emphasized that, “while we must ensure the number continues to rise to optimal levels, salaried employment in the mining, logging and construction sector is at its highest point since 2012, with 37,300 jobs, in line with the progress in reconstruction projects funded by federal funds and other private investments on the island.”
The official also noted that the manufacturing sector, which makes up 45% of the island’s economy, has grown by 8,800 jobs over the past 30 months, reaching a total of 84,500 salaried jobs, one of the highest figures since 2012.
“In addition, as has been the custom in recent years, the recreation and accommodation industry broke the employment record again in this sector, continuing to be where most jobs have been created since January 2021, adding 29,200 additional jobs for an estimated total of 99,900,” Maldonado said.
“For such positive numbers to continue, it is essential to keep increasing the labor-force participation rate through various initiatives between the private sector, nonprofit organizations and the government, impacting those who could join the workforce,” he added.
Employment and Unemployment
According to the employment and unemployment report, based on the Worker Group Survey, the seasonally adjusted unemployment rate stood at 5.8% for June, a reduction of 3.2 percentage points compared to January 2021. It showed no change when compared to May 2024 and a decrease of 0.3 percentage points compared to June 2023.
The current unemployment rate continues to be one of the lowest in Puerto Rico’s history, the Labor Department’s press release said.
The unadjusted labor-force participation rate for June was estimated at 43.9%, which is 3.5 percentage points higher than in January 2021. This represents 0.1 percentage point decrease from the previous month and a 1.3 percentage point decrease from June 2023. The current figure is among the highest labor-force participation rates since 2010, the release added.
For June 2024, the estimated labor force, seasonally adjusted, was 1,203,000, equivalent to 85,000 additional people compared to January 2021. This new figure is 4,000 fewer people than the previous month but adds 26,000 people compared to the previous year.
This is one of the highest labor-force participation numbers since 2012, the release notes.
Total employment, seasonally adjusted, was 1,133,000 in June, an increase of 115,000 jobs compared to January last year, and one of the highest totals in the past 15 years, according to the release.
The employment figure decreased by 3,000 people compared to May’s but is 28,000 more than reported in June 2023.
Total employment includes self-employed workers, estimated at 196,000 for June 2024, based on unadjusted data, “continuing the upward trend of people choosing entrepreneurship after the COVID-19 pandemic, adding 31,000 more than reported in January 2020,” the Labor Department said.
Regarding unemployed people, seasonally adjusted, the monthly statistics showed 70,000 people for June 2024, 30,000 fewer than in January 2021. This figure remained the same compared to the previous month but decreased by 2,000 people compared to June 2023.
“This is one of the lowest totals of unemployed people in Puerto Rico’s history,” the release adds.
Nonfarm payroll employment
The preliminary results, seasonally adjusted, from the monthly nonfarm payroll employment survey reflected a total of 956,800 salaried jobs in June 2024, which is 105,700 more than in January 2021, “one of the highest totals of salaried employment since 2009,” according to the release.
The new figure represents 2,300 fewer jobs compared to May, but an increase of 18,600 salaried jobs compared to June last year, the Labor Department added.