By The Numbers: September 2011
The national and state unemployment rates remained stagnant last month with Florida registering the third highest unemployment rate among the ten most populous states. Florida added 9,900 private sector jobs however, and reported positive job creation of 71,600 since the beginning of 2011. The overall perception of the U.S. economy is taking its toll on consumer confidence with Florida’s index dropping five points and the U.S. consumer confidence index plummeting to a two year low point. In housing, Florida’s home starts remain up over the year, although still 85% below the peak level of 20,044 starts that was registered in August 2005. Florida’s housing foreclosures also edged up slightly in August, and according to RealtyTrac default notices increased by 33% nationally. Because default notices precede home foreclosures, the increase in default notices may signal that lenders are beginning to process the foreclosures that were delayed by documentation issues and will lead to more foreclosures coming on the market.
Employment Data
August Employment
Florida: 7,233,100 (from 7,225,800)
Source: Agency for Workforce Innovation
U.S.: 131,132,000 (from 131,190,000)
Source: Bureau of Labor Statistics
August Unemployment
Florida: 10.7% — (remained unchanged from July)
Source: Agency for Workforce Innovation
U.S.: 9.1% — (remained unchanged from July)
Source: Bureau of Labor Statistics
August Employment by Industry (U.S.)
Biggest year-over gainers:
- Leisure & Hospitality (5.1%)
- Education & Health Services (2.1%)
Source: Agency for Workforce Innovation
Biggest year-over losses:
- Construction (5.1%)
- Information (4.2%)
Source: Agency for Workforce Innovation
Consumer Data
August Consumer Sentiment Index
Florida: 62 (from 67* in July)
Source: Bureau of Economic and Business Research
U.S.: 55.7 (from 63.7 in July)
Source: Reuters/University of Michigan Surveys of Consumers (1964=100)
*Revised data
Personal Income: 2nd Quarter, 2011
Florida: 753,749,000,000 (1.3% from 2011: Q1)
Source: U.S. Bureau of Economic Analysis
U.S.: 12,975,924,000,000 (1.1% from 2011: Q1)
Source: U.S. Bureau of Economic Analysis
August Consumer Price Index
U.S.: (0.4% over July, 3.8% year-over)
Source: Bureau of Labor Statistics
August Retail Sales
U.S.: $389.5 billion (0.5% from July,7.2% year-over)
Source: US Census Bureau/Retail
Housing Data
August Foreclosures
Florida: Total units 23,569 (1,192 units,5.3% over July,58.6% year-over)
Source: Agency for Workforce Innovation
August Median Sales Price, Single-Family Existing Homes
Florida: $137,500 (2% year-over)
Source: Florida Realtors
July Housing Starts (one month lag)
Florida: 2,904 (1.7% from June,16.8% year-over)
Source: Agency for Workforce Innovation and US Census Bureau
Housing Sales: 2nd Quarter, 2011
Florida: 42,240 units (14.1% from Q1,2.5% year-over)
Source: National Association of Realtors
Note: All data is seasonally adjusted when available.
Definitions
Seasonally adjusted – Seasonal adjustment removes the effects of events (i.e. holidays) that follow a more or less regular pattern each year. These adjustments make it easier to observe the cyclical and other nonseasonal movements in a data series.
Source: Bureau of Labor Statistics
