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Employment for June 2022 sees the first contraction in the past 6 months

Intelligent Economics > Analysis > Employment for June 2022 sees the first contraction in the past 6 months

Non–farm payroll in Puerto Rico for June 2022 reached 912,900. This reflects an increase of 4.77% or 41,600 when compared to numbers reported in June 2021. However, compared to the previous month of May 2022, we see a decrease of 3,700 or 0.33%.

Employment (thousands)March 2020June 2021June 2022Percentage Change
Non-Farm Payroll887.5871.3912.94.8%
Retail Sales124.9127.9132.43.5%
Professional and Business Services124.4128.8141.29.6%
Health Services85.984.786.52.1%
Leisure and Hospitality81.475.186.715.5%
Source: Puerto Rico Labor Department

When comparing June 2022’s numbers with those of June 2021’s, the categories that forwent the most significant increases in employment were Professional and Commercial Services (9.6%), Leisure and Hospitality (15.4%), and Manufacturing (8.3%). The only major category with a year-over-year decrease in employment is Government (-29.9%).

The major employment categories that had the most significant month-over-month increases were Trade, Transportation & Utilities (0.6%), Manufacturing (0.7%), and Educational and Health Services (0.4%). Employment in the Government was the only sector with a significant decrease of – 3.34% compared to May 2022.

Overall, employment rates have regained strength over the last couple of months, as shown in the data published by Puerto Rico’s Labor Department; the numbers have already surpassed pre-pandemic levels and even pre-Hurricane Maria levels and this is greatly due to expansions in the Professional and Business Services, Leisure and Hospitality, and Trade, Transportation & Utilities sectors. However, it is worth noting that June’s decrease is the first contraction seen in employment rates since December 2021. This could be a sign that the labor force is once again stabilizing and that the continuous growth in employment rates since COVID-19 struck, is coming to an end.

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