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Este informe no está disponible en español. CARIBBEAN BUSINESS February’s Unemployment Rate At 12.5% Labor Department adopts new industry classification system By KEN OLIVER-MENDEZ March 27, 2003 The Puerto Rico Labor Department reported a 12.5% unemployment rate in February, a decline of 1.2 percentage points compared with the 13.7% registered during the same month a year ago and an increase of 1.1 percentage points compared with January 2003’s 11.4%. The department’s monthly survey of salaried employment on the island reflected a change in the method of classification of industries; the North American Industry Classification System (NAICS) was used for the first time in February, replacing the Standard Industrial Classification (SIC) system. The NAICS, used on the U.S. mainland and in Mexico and Canada, includes new industry categories previously unreported by the SIC, such as the information industry. Overall, salaried employment in Puerto Rico rose from 981,000 in February 2002 to 984,700 in February 2003. Sectors showing job increases included government (up 4,700), health & education services (up 3,600), professional & commercial services (up 1,000), recreation & hospitality (up 900), and finances (up 600). Sectors showing job losses were construction (down 3,900); commerce, transportation & utilities (down 2,200); other services (down 700), and manufacturing (down 500). The Labor Department’s monthly household survey showed the island’s labor force grew from 1.375 million in February 2002 to 1.384 million in February 2003. According to the survey, 1.211 million members of the labor force were gainfully employed last month, an increase of 24,000 over the 1.187 million registered as employed in February 2002. The figures also showed that the island’s work force participation rate stood at 46.7% for February 2003, a slight decrease in comparison with the 47.2% recorded for February 2002. This Caribbean Business article appears courtesy of Casiano Communications.
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