The Incredible Shrinking Economy

Puerto Rico Economy Loses More Than 275,000 Employees

Puerto Rico Economy

In April 2006, Puerto Rico’s employed labor force hit it’s all-time high at 1.28 million employees.  Since that peak, that number has shrunk by nearly 285,000 employees, about 22% of the entire labor force.  To put that into perspective, Puerto Rico now has the same labor force as it once did in May of 1992.  That’s like rolling the economic calendar back 22 years, one need not look anywhere else to explain the mass exodus off the island.

The U.S. Bureau of Labor Statistics has a wonderful infographics section entitled “Economy At A Glance.”  On the web page, they provide recent statistics for labor force data, which includes the total civilian labor force, the total number of employees, and the total number of unemployed. They further breakdown the non-farm employment numbers into the top industry classifications, including: Mining, Logging, and Construction, Manufacturing, Trade, Transportation, and Utilities, Information, Financial Activities, Professional & Business Services, Education & Health Services, Leisure & Hospitality, and Government