Florida’s Economy Continues To See Solid Job Gains
Florida employers added 19,600 jobs in August and the state’s unemployment rate fell 0.2 percentage point to 5.3 percent. With this decrease, Florida unemployment is at its lowest level since February 2008.
Strong Job Growth Remains the Norm in Florida
Florida continued to enjoy solid job growth in August, with employers adding 19,600 jobs. Private sector employers added 20,100 jobs in August, up 0.3 percent on the month. Education and health services (14,600) saw the largest employment gain during the month, followed by the leisure & hospitality sector (7,800). Trade, transportation & utilities employment saw the largest monthly job drop (-3,700), with most of the decline occurring in retail trade. Construction payrolls also fell sharply (-1,400) despite rising levels of both residential and commercial building.
On a year-over-year basis, nonfarm employment has risen a solid 3.3 percent throughout Florida, reflecting an increase of 261,500 jobs. The nation as a whole reported a gain of 2.1 percent over the year. Florida’s year-to-year job gains have exceeded the nation every month since April 2012. Household employment growth, which tends to follow nonfarm employment, but has deviated substantially from its recent trend, has slowed to just 0.5 percent year-to-year. This slowdown appears to be an aberration and is completely out of sync with the stronger nonfarm employment figures and sharp drop in unemployment claims.
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