Macroeconomic Forecast Puerto Rico

October 2008 | Macroeconomic Forecasts

In line with our view, recently released data shows August witnessed another increase in unemployment levels, up to 11.8% y-o-y according to the US Bureau of Labor Statistics, the highest level for almost five years. This uptick clearly highlights the dangers posed to Puerto Rico's already fragile economy from the US economic slowdown, and we believe this trend will continue in the medium term, as unemployment data for the US deteriorates. The unemployment rate hit 6.1% in September, and we see further upside potential for the remainder of 2008.

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