Tuesday, March 13, 2012

Brevard County Unemployment Drops Slightly To 10.4%

BREVARD COUNTY, Florida --Brevard County's unemployment dropped from 10.8% in December 2011 to 10.4% in January 2012  (not seasonally adjusted).  But the drop was not due to jobs being created in the Space Coast.  Instead, the drop in unemployment was due to a drop in the labor force.


Last December, there were 265,649 people in Brevard County's labor force of which 237,348 were employed.


In January, there were 262,940 people in Brevard County's labor force of which 235,504 were employed.


The drop in the unemployment rate was due to a greater drop in the labor force than the drop in available jobs.  The labor force was reduced by 2,709 people from December to January in Brevard County.  Brevard County actually lost 1,844 jobs from December to January.


Statewide, Florida’s (not seasonally adjusted) unemployment rate in December 2011 was 9.7 percent which was reduced to 9.5% in January.  Like Brevard County, the drop in the unemployment rate was due to a drop in the workforce, not job creation.


Seasonally adjusted, the statewide numbers indicate the creation of 22,000 jobs (8,381,000 Dec. vs. 8,403,000 Jan.)


U-6, which is a broader measure of total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force, is around 7% higher than the often cited U-4 statistic.