Unemployment in Puerto Rico
Puerto Rico - UnemploymentThe economy almost certainly exited a six-year recession in fiscal year 2019, which ended in June. Economic activity grew every month from July 2018 to May 2019, although growth slowed to a nine-month low in May. The labor market tightened, with the unemployment rate in FY 2019 averaging notably below the rate recorded in FY 2018. Meanwhile, in the political arena, Governor Ricardo Rosselló resigned from office on 2 August and was replaced by Secretary of State Pedro Pierluisi, although a Senate vote of approval of Pierluisi is still pending. This followed the revelation of offensive messages sent by Rosselló and his advisors that sparked one of the largest protests in the Commonwealth’s history. The consequent uncertainty will likely weigh on economic activity in early FY 2020.
Puerto Rico - Unemployment Data
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