Florida employers added 32,700 non-farm jobs during the month, a large increase compared to the 2,500 net new jobs added to the state’s economy in February.
By The Numbers
By the Numbers is a monthly resource brought to you by the Florida Chamber Foundation via The Florida Scorecard. This resource has the latest employment, housing and consumer data for the Sunshine State at a quick glance. To receive these monthly updates on Florida’s economic progress and regress you can sign up on The Florida Scorecard homepage or e-mail jpuckett@FLFoundation.org.
Florida’s labor market continues to recover gradually from the 2007 Great Recession. In February 2012, Florida’s unemployment rate dropped to 7.7% from 7.9% in January 2013.
Florida’s economy continued to expand at a modest pace during the month of January 2013.
Florida’s economic activity continued to advance at a modest pace in the month of December, but growth has decelerated slightly from November and October. Establishments actually reduced non-agricultural payroll employment in December, possibly a result of uncertainty regarding the “fiscal cliff” and future tax rates. The housing recovery continues to show signs of progress as home prices rose in December along with a decrease in new foreclosure filings. We expect the housing recovery to continue in the short-term, allowing stronger employment growth in 2013.
In November, Florida’s economy improved moderately across many key indicators. Florida’s jobless rate reached a new post-recession low of 8.1%, down from 8.5% in October 2012. Seasonally adjusted employment growth accelerated rapidly in November, and fewer Floridians are officially seeking jobs. The state’s general retailers and restaurants appear to be adding workers to their payrolls. Finally, the housing recovery should provide support to the construction and real estate industries, two of the hardest hit sectors in terms of job losses during the recent recession.
In October, Florida’s economy strengthened modestly across several key indicators. The state’s unemployment rate reached a new post-recession low of 8.5%, down from 8.7% in the month of September.
In September, economic conditions remained mostly unchanged with mixed signals for Florida’s recovery. In terms of Florida’s labor market, the state’s jobless rate remains elevated at 8.7% – down from 8.8% for the month of August 2012. Employers added a mere 800 new jobs over-the-month, a pace well below the state’s population growth rate.
Consistent with the “jobless recovery,” Florida’s labor market indicators continue to signal weakness for the month of August 2012. Although the state made employment gains in non-agricultural employment over-the-month, the August seasonally adjusted unemployment rate remained unchanged with 8.8% of the labor force actively seeking work opportunities.
Florida’s economic indicators were suggestive of the jobless nature of the current economic recovery. The state’s official unemployment rate rose to 8.8% in July 2012, up 0.2 percentage points from June 2012. Strong employment gains continue to originate from the professional and business services industry.
Florida’s economic indicators were mixed in the month of July with relatively positive housing market data and a struggling labor market recovery. According to recent data from the Department of Economic Opportunity, Florida’s jobless rate remained unchanged at 8.6% in June 2012. This is the first time the unemployment rate has not decreased since August of 2011.