Florida unemployment rate lower than national rate for 27 consecutive months | Florida

(The Center Square) – Florida’s unemployment rate has remained lower than the national rate for the 27 consecutive months, newly revised data from the Bureau of Labor Statistics shows. In January, it was 2.6%, lower than the national rate of 3.4%.

Florida’s seasonally adjusted total nonagricultural employment was 9,650,100 in January 2023, with nearly 30,000 jobs added in January over the month. The state gained 448,900 jobs over the year, an increase of 4.9%.

BLS revisions announced in March adjusted previously published data on labor force, employment, unemployment, and unemployment rate estimates. It shows that Florida’s January unemployment rate was 2.6%, down 0.1 percentage points from the previous month’s revised rate of 2.7% and 0.8 percentage points below the national rate of 3.4%.

The data also shows that Florida’s job growth outperformed the national job growth rate for the 22 consecutive months. From January 2022 to January 2023, Florida’s labor force grew by 259,000, or 2.4%, faster than the national labor force growth rate of 1.3%.

Florida’s private sector employment grew by 5.3%, adding 433,100 jobs from January 2022 to January 2023, the Florida Department of Economic Opportunity reported, faster than the national rate of 3.6% over the same time period.

As of January 2023, Florida employers have added jobs for 32 consecutive months – since May 2020, with the exception of October 2022, the DEO reports. Florida’s private sector over-the-year job growth rate also exceeded the national job growth rate for 22 consecutive months since April 2021.

“Florida is number one in net migration, tourism, and new business formations because we have bucked the elites and forged our own path forward towards success,” Gov. Ron DeSantis said in a statement. “We will continue to prioritize policies that support Florida families as they continue to face persistent inflation and national economic headwinds.”

In January 2023, private sector employers added 29,800 over the month with Leisure and Hospitality adding the most with 16,100 new jobs. Education and Health Services added 4,900 new jobs followed by Financial Services’ 4,900 new jobs and Other services’ 3,200 new jobs.

According to DEO data, Monroe County had the lowest unemployment rate of 1.7%, followed by Miami Dade County’s 2.0% and the counties of Gulf, Wakulla, St. Johns and Okaloosa each reporting 2.3%.

Citrus, Highlands and Sumter counties had the highest unemployment rate of 3.9% each in January 2023. Following them was Putnam County’s 3.7% and Hendry and Hamilton’s 3.6%.

This article First appeared in the center square

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