Job Losses Increase in Puerto Rico During 2nd Quarter of 2015
In the second quarter of 2015, the number of jobs lost in Puerto Rico due to the closing or contraction of companies was about 46,166, the highest in at least four years, according to the report recently published by the Business Employment Dynamics of the U.S. Bureau of Labor Statistics (BLS).
Meanwhile, some 38,676 jobs were created in the private sector in Puerto Rico as a result of the opening or expansion of businesses. This represents a net drop in employment of 7,490 jobs in the private sector, the most significant drop since the start of 2014.
In the first half of 2015, an estimated 74,469 jobs were created in the private sector, but 89,393 were lost, which leaves a balance of 14,924 fewer jobs.
In all of 2014, some 155,817 jobs were created, which is the lowest number in the past three years. Some 167,548 jobs were created in 2013 and 176,621 in 2012. However, 161,379 jobs were lost in Puerto Rico, which suggests a net loss of 5,562 jobs during 2014 in the private sector.
The change in employment is a result of the increases and decreases in employment at companies, which is what the BLS Business Employment Dynamics report measures.
The 38,676 jobs created in the second quarter of 2015 represent 2,883 more jobs than in the previous quarter. On the other hand, the gross loss of 46,166 jobs means 2,939 more jobs were lost than the previous quarter.
In 2013 and 2014, net employment was only created in the last quarter of those years, probably fueled by higher commercial activity related to holiday sales.
The data provide a different perspective to analyze employment and its dynamic on how many are created or eliminated. On a positive note, employment in the private sector, which had been falling since 2006, grew in the past five months of 2015.