Florida jobless rate stays at 2.7 percent

TALLAHASSEE – Florida’s unemployment rate could be about as little as it could actually go because it remained at 2.7 percent in August.

The Florida Department of Economic Opportunity on Friday launched a report exhibiting the rate unchanged from July. 

The company estimated 293,000 Floridians have been out of labor in mid-August, a rise of 10,000 from July, whereas the labor drive grew by 49,000 to 10.706 million.

Jimmy Heckman, the division’s chief of workforce statistics and financial analysis, stated whereas the state has seen “very consistent unemployment rate decreases over the past couple of years,” financial principle would point out “we’re probably getting pretty close to the bottom here.”

“It will really take a couple of more months of data to really see what happens,” Heckman stated in a convention name with reporters.

Heckman added that the state hasn’t seen inflation and different nationwide financial forces have an effect on the job market “at this time.”

“But it is something that we’re continuing to look out for,” Heckman stated.

The 10,000 improve in folks unemployed in August was the primary month-to-month uptick since July 2020.

The 2.7 percent unemployment rate matches the extent earlier than the COVID-19 pandemic hit the state in 2020 and precipitated enterprise cutbacks and closures. 

Florida misplaced 1.28 million jobs from February 2020 to April 2020. 

The state estimates it has regained these misplaced jobs and added 1.65 million extra.

Florida’s unemployment rate has been under the nationwide degree for 21 consecutive months.

The U.S. Department of Labor stated the nationwide rate rose by 0.2 proportion factors, to three.7 percent, in August, whereas labor-force participation elevated by 0.3 proportion factors. 

Participation remains to be down a full proportion level from February 2020.

Last week, Amy Baker, coordinator of the Legislature’s Office of Economic & Demographic Research, cautioned members of the Joint Legislative Budget Commission that Florida’s real-estate market may sluggish as mortgage charges rise and housing-affordability points improve.

Economists have forecast that income generated via documentary-stamp taxes on real-estate transactions will decline 15.6 percent this fiscal 12 months and 10.7 percent within the 2023-2024 12 months.

Baker additionally pointed to combined indicators within the economic system. 

Still, the state has seen its labor drive develop by 308,000 prior to now 12 months, with the variety of folks categorized as unemployed dropping by 155,000.

In August 2021, the state’s unemployment rate was 4.3 percent.

Across Florida, the Crestview-Fort Walton Beach-Destin metropolitan statistical space had the bottom unemployment rate final month at 2.3 percent.

The Miami-Fort Lauderdale-West Palm Beach space was at 2.6 percent. 

The Pensacola and Tampa-St. Petersburg areas have been at 2.7 percent. The Jacksonville space was at 2.8 percent. The Orlando-Kissimmee-Sanford area was at 2.9 percent. The Daytona Beach-Ormond Beach-Deltona space was at 3.0 percent, and the Lakeland-Winter Haven space was at 3.5 percent.

The highest marks have been within the space together with The Villages, 4.0 percent, the world round Homosassa Springs, 4.2 percent, and the Sebring area at 4.4 percent.

The statewide unemployment rate is seasonally adjusted, whereas the metro charges usually are not adjusted.