Electricity consumption decreases in Puerto Rico
Editor’s note: The following article originally appeared in the August 10 print edition of Caribbean Business.
SAN JUAN — Puerto Rico’s electricity consumption fell by 2.8% in June compared to the same period last year, recording about 1.491 million kilowatt-hours (kWh), according to the most recent report released by the Government Development Bank (GDB).
However, the report observed variations in different energy consumption sectors compared to the same period last year.
The residential area observed a slight increase of 0.1% compared to June 2016. On the other hand, the commercial sector showed a reduction of 4.5%, while the industrial sector reflected a decrease of 7.8%. Meanwhile, other consumption sectors saw an increase of 15.2%.
Manufacturing sector shrinks
The manufacturing purchasing management index (PMI) for June was 43.6, the eighth-consecutive month reflecting a contraction in this sector compared to the previous month.
According to the index produced by the P.R. Statistics Institute, readings below 50 represent a contraction when comparing month over month.
Within the study’s subindexes, the number of new orders and production registered a contraction compared to May, at 36 and 44, respectively.
Meanwhile, the employment and inventory components also reflected contractions, with both indices registering 44, respectively.
Moreover, the subindex of suppliers’ deliveries stood at 50, which means there was no change in this component when compared to the month of May.
These statistics are based on questionnaires sent to manufacturing establishments with 50 or more employees and that have a membership in the Puerto Rico Manufacturers Association.
The PMI measures short-term trading conditions in Puerto Rico and provides a broad-based metric to measure the productive side of the local economy. Similarly, the report is not seasonally adjusted, so fluctuations between seasons affect the performance of this study.