Saturday, March 29, 2014

Florida Unemployment Rate 6.2%

TALLAHASSEE, Florida -- Florida’s seasonally adjusted unemployment rate was 6.2% in February 2014, unchanged from the January 2014 revised rate, and down 1.7 percentage points from 7.9% a year ago.

The sunshine state’s
February unemployment rate was the lowest since June 2008 when it was 6%.  However, the Labor Force Participation Rate for Florida in June 2008 was 59.9%.  In February 2014, Florida's Participation Rate had dropped to 56.5%, which suggests that the drop in the unemployment rate was caused mostly by Floridians leaving the workforce during that five-and-a-half year time period. 

There were 588,000 jobless Floridians out of a labor force of 9,515,000. The U.S. unemployment rate was 6.7% in February.  Florida’s unemployment rate was 0.5 percentage point lower than the U.S. rate and was below the national rate for the seventh consecutive month.

The number of jobs in Florida was 7,718,500 in February 2014, up 211,500 jobs compared to a year ago. February 2014 was the 43rd consecutive month with positive annual job growth after the state lost jobs for over three years. The industry gaining the most jobs was trade, transportation, and utilities (+48,400 jobs, +3.1 percent).

Other industries gaining jobs included professional and business services (+47,900 jobs, +4.3 percent); construction (+39,200 jobs, +11.0 percent); leisure and hospitality (+35,700 jobs, +3.5 percent); private education and health services (+15,400 jobs, +1.4 percent); financial activities (+12,300 jobs, +2.4 percent); manufacturing (+8,600 jobs, +2.7 percent); other services (+3,000 jobs, +1.0 percent); and information (+2,000 jobs, +1.5 percent).

All unemployment rate numbers released are known as U-3, which consists of total unemployed, as a percent of the civilian labor force.

Brevard County Unemployment Rate

The unemployment rate (not seasonally-adjusted) on Florida's Space Coast dropped to 7% in February 2014 from 8.5% in
February 2013.  Job gains were led by an increase in mining, logging, and construction jobs (+900) which helped to offset the loss of manufacturing jobs (-800) and professional and business services jobs (-800).

Out of a labor force of
262,991, there were 18,477 unemployed Brevard County residents.

Total nonagricultural employment increased by 200 jobs over the year in the Palm Bay-Melbourne-Titusville metro area.

Other industries that gained jobs over the year included
leisure and hospitality (+800 jobs); other services (+300 jobs); and trade, transportation, and utilities and education and health services (+100 jobs each). 

Other industries reporting job losses included government (-300 jobs); and information (-100 jobs). Financial activities remained unchanged over the year.