Friday, July 18, 2014

Florida Unemployment Rate 6.2%

TALLAHASSEE, Florida -- Florida’s seasonally adjusted unemployment rate was 6.2% in June 2014, down slightly from the May 2014 rate of 6.3%, and down 1.2 percentage points from 7.4%  a year ago.

The Sunshine State’s seasonally adjusted total nonagricultural employment was 7,800,000 in June 2014, an increase of 37,400 jobs (+0.5 percent) over the month.  Compared to June a year ago, the number of jobs in the state was up by 237,500, an increase of 3.1 percent. 

In June 2014, Florida's Labor Force Participation Rate was 60.7%, up from 60.3% in June 2013. The labor force participation rate represents the proportion of the civilian non-institutional population that is in the labor force.

There were 597,000 jobless Floridians out of a labor force of 9,626,000.  The number of jobs in Florida was 7,800,000 in June 2014, up 237,500 jobs compared to a year ago. June 2014 was the 47th 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 (+52,500 jobs, +3.3 percent).

Other industries gaining jobs included professional and business services (+45,300 jobs, +4.1 percent);  construction (+41,700 jobs, +11.5 percent); leisure and hospitality (+39,500 jobs, +3.8 percent); private education and health services (+34,100 jobs, +3.0 percent); financial activities (+10,300 jobs, +2.0 percent); other services (+5,500 jobs, +1.8 percent); manufacturing (+5,200 jobs, +1.6 percent); government (+1,900 jobs, +0.2 percent); and information (+1,300 jobs, +1.0 percent).

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

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 6.7% in June 2014 from 8.4% in June 2013.  Job gains were led by an increase in mining, logging, and construction jobs (+700 each) which helped to offset the loss of manufacturing and professional and business services (-400 each).

Total nonagricultural employment increased by 800 jobs over the year in the Palm Bay-Melbourne-Titusville metro area.

Other industries that gained jobs over the year included education and leisure and hospitality (+500 jobs each and other services (+400 jobs).

Other industries reporting job losses included financial activities and government (-200 jobs each); and and trade, transportation, and utilities and education and health services (-100 jobs).  Information jobs remained unchanged over the year.

Out of a labor force of 265,655, there were 17,725 unemployed Brevard County residents.