According to recent data on retail sales in Puerto Rico, the island’s economy is showing signs of recovery as sales have increased by 4.8% from February 2022 to February 2023. This positive trend is a result of increased consumer spending, particularly in the categories of Department Stores, Electronic Articles Stores, and Hardware and Home Improvement....Read More
According to recent data, Puerto Rico saw a slight increase in employment rates across various industries in March 2023. The total employment rate reached 943.7 thousand, which is a slight increase from the previous month’s rate of 942.6 thousand. The mining, logging, and construction industry showed an increase in employment with 35.4 thousand workers in...Read More
Bankruptcies in March 2023 totaled 389 filings, a decrease of -6.04% compared to March 2022. Chapter 7 filings totaled 125, a decrease of -64.9%; Chapter 13 filings totaled 261, a decrease of -56.3%; Chapter 11 filings totaled 3, a decrease of -57.1%; and a total of 0 filings of Chapter 12. Year-to-Date, January to February...Read More
According to the Bureau of Labor Statistics, the CPI, which measures the price of a basket of goods and services, in the US for March 2023 reduced to 5%, the slowest pace for price increases since April 2021, when they first began to climb. This is two years of continued price increases above the average...Read More
New car unit sales for March 2023 totaled 10,732 units, this is a drop of 454 units or -4.1% compared to a year- over-year basis of March 2022. It is an increase of 1,423 or 15.3% compared on a month-to-month basis of February 2023. This is the fifth consecutive month of decreases in sales. Still,...Read More
The Purchasing Managers Index (PMI) for the month of February 2023 was 61.1, 21% higher than the previous month of January 2023 PMI of 50.5 and compared to February 2022 with a PMI of 57.9 is 5.5% higher. For context the PMI is a measure of the economic course the manufacturing sector experiences where a...Read More
The Economic Development Bank Economic Activity Index (EDB-EAI) for Puerto Rico saw a decline of 0.8% during the fiscal year 2021, which runs from July to June. However, the index rebounded in fiscal year 2022, growing by 4.9%. Similarly, the calendar year 2021 closed with an increase of 4.9%, while a preliminary estimate for calendar...Read More
Retail Sales in January 2023 totaled $2,841.52 million dollars, compared to the same month in the previous year these sales marked a 3.8% increase year over year. This figure also increases the current accumulated value in the seven months for the current fiscal year (July-January) to $22,335.87 million dollars, 3.4% higher than the accumulated value...Read More
The Total Non-Farm Employment in Puerto Rico for the month of February 2023 amounted to 941,000 employments, the highest levels of employment since November 2012. These February 2023 values also are a 3.1% increase compared to the previous year’s February 2022 employments, but a minimal 0.1% increase compared to the previous month of January 2023’s...Read More
The Puerto Rico real estate market has continued to show resilience in the face of the pandemic, with both new and used housing units seeing a steady rise in sales and total sales amount over the past two years. The data from January 2021 to February 2023 shows a consistent trend of growth, even during...Read More
