Friday, June 20, 2014

Florida Unemployment Rate 6.3%

Governor Rick Scott

TALLAHASSEE, Florida -- Florida’s seasonally adjusted unemployment rate was 6.3% in May 2014, which is down 1.2 percentage points from 7.5% a year ago. 

There were 606,000 jobless Floridians out of a labor force of 9,632,000. The U.S. unemployment rate was also 6.3% in May. Florida’s unemployment rate has been equal to or below the national rate for 13 consecutive months.

The number of jobs in Florida was 7,761,900 in May 2014, up 218,800 jobs compared to a year ago. May 2014 was the 46th 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 (+53,500 jobs, +3.4%).

“Long-term trends demonstrate that Florida’s poised for success," Governor Scott said.  "Private sector job trends have been on the rise for over three years, our unemployment rate has declined or remained steady for 43 of the last 45 months, and for the fifth month in a row our labor force has grown. Florida’s had an amazing turnaround, and we have to continue working everyday to create jobs for families.”

In May 2014, the fifth month in a row, Florida’s labor force again increased over the month and over the year. Labor force was 9,632,000 in May 2014 and is defined as the sum of employment plus unemployment (those without a job, but actively seeking work). Furthermore, Florida’s labor force participation rate, which is labor force divided by the total civilian non-institutional population, was 60.8% in May 2014, up 0.4 percentage point from the May 2013 participation rate of 60.4%.

Other industries gaining jobs included professional and business services (+40,300 jobs, +3.6%); leisure and hospitality (+38,400 jobs, +3.7%); construction (+35,300 jobs, +9.8%); private education and health services (+20,300 jobs, +1.8 percent); financial activities (+12,900 jobs, +2.5%); manufacturing (+7,200 jobs, +2.2%); other services (+5,800 jobs, +1.9%); information (+3,200 jobs, +2.4%); and government (+1,700 jobs, +0.2%).

These industry job gains were partially due to increases in food and beverage stores; employment services; food services and drinking places; specialty trade contractors; ambulatory health care services; insurance carriers and related activities; fabricated metal product manufacturing; membership associations and organizations; telecommunications; and state government.

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

Leisure and Hospitality jobs continue to replace high paying jobs in Brevard County.  Brevard Times / File Photo.
 The unemployment rate (not seasonally-adjusted) on Florida's Space Coast dropped to 6.6% in May 2014 from 8% in May 2013.  Total non-agricultural employment increased by 300 jobs over the year in the Palm Bay-Melbourne-Titusville metro area.

Job gains were led by mining, logging, and construction and leisure and hospitality (+800 jobs each) that help offset the loss of manufacturing (-700 jobs); professional and business services (-500 jobs); government (-300 jobs); and information and financial activities (-100 jobs each).
Out of a labor force of 264,777, there were 17,448 unemployed Brevard County residents in May 2014.

Other industries that gained jobs over the year included trade, transportation, and utilities (+200 jobs); education and health services (+100 jobs); and other services (+100 jobs).