Florida Unemployment Rate Falls Back to Historic Lows

Toni Koraza

The number of jobless people in Florida remained at 2.7% in August.

Based on the report of the Florida Department of Economic Opportunity, about 293,000 Floridians were unemployed in mid-August, an increase of 10,000 from July. Meanwhile, the labor force grew by 49,000 to 10.706 million.

The 10,000-people surge in jobless Floridians in August was the first monthly uptick since July 2020. Florida's unemployment rate of 2.7% is the same as it was before the COVID-19 epidemic struck the state in 2020 and led to economic woes, layoffs, and foreclosures.

Net positive job creation

From February 2020 to April 2020, 1.28 million jobs were lost in Florida.

According to the state, those lost jobs have been replaced, and 1.65 million more have been added.

Florida's unemployment rate has been below the national average for 21 straight months.

The U.S. Department of Labor said the national rate increased by 0.2% to 3.7% in August, while labor-force participation was up by 0.3%.

Jimmy Heckman, the department's chief of workforce statistics and economic research, believed that while the state has seen "very consistent unemployment rate decreases over the past couple of years," economic theory would predict that "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 said.

He added that "at this time," the job market is not affected by inflation and other economic forces.

"But it is something that we're continuing to look out for," Heckman said.

How do you feel about the historically low unemployment rate in Florida?

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