As job creation booms, unemployment in the Sunshine State has fallen to an all-time low.
Florida’s unemployment rate fell to 2.7% in July, the lowest level since February 2020 when the Chinese coronavirus pandemic began. According to the governor’s office the state has reached this low only three times since 1976, when Florida started recording unemployment data.
The current rate is a 0.1% drop in unemployment rate from June. However, Florida’s unemployment rates are 0.8 percent less than the national rate and have been this way since December 2020. The country’s unemployment rate has also been outpaced by Florida’s growth in labor force, which grew by 0.2 percent in the past month, as opposed to the national loss of 0.1 percent.
The governor’s office stated that Florida’s private sector employment increased by an extraordinary 70,000 in July 2022. This doubled the nation’s rate of job growth over the same period.
This level of job creation in Florida was only six times higher than the average over-the-month rate since 1990, when data began to be collected. The Florida labor force grew in July 2022 while the national labor market shrank for the second month consecutively. The July 2022 employment data shows that Floridians continue to enter the workforce, and that businesses are creating jobs.