Unemployment in Puerto Rico
Puerto Rico - UnemploymentThe economy contracted at the fastest pace in multiple decades in fiscal year 2018, which ended in June 2018, according to data released this past month. The contraction, which marked the sixth successive fall in annual economic output, was primarily due to the devastating effects of hurricanes which rocked the island in September 2017. The economy has since mounted a recovery, growing for the ninth consecutive month in March; however, March’s growth was the lowest in seven months. In other news, the federal fiscal watchdog has expressed concern about the cash-strapped government’s plan to raise spending by nearly 9% in FY 2020, which starts this July. This increase, if approved in the coming weeks, would almost reverse the cuts contained in FY 2019’s budget.
Puerto Rico - Unemployment Data
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