April 24, 2024

Florida unemployment rate still below national average in October

(The Center Square) — Florida’s unemployment rate remains one of the lowest in the nation and continues to outpace some of the most populated states.

The Sunshine State’s unemployment rate in October was almost unchanged from September, with a seasonally adjusted rate of 2.8%, up slightly by 0.2% since May, ranking 11th in the nation, according to preliminary data from the U.S. Bureau of Labor Statistics.

Bureau statistics also show that while the overall civilian labor force increased from 10.9 million in May to 11.1 million by October, unemployment grew from 287,000 to 318,000 during the same period.

However, the unemployment rate currently sits at one of its lowest rates since 1976, the lowest being in 2004 when it hit 2.4%.

According to the data, during the COVID-19 pandemic, Florida hit an all-time high unemployment rate of 14.1% in May 2020. Still, it has quickly begun to recover each month since, faster than the national unemployment rate, which peaked at 14.7% in April 2020.

Preliminary data shows the national unemployment rate for October is 3.9%, an increase of 0.1% since August and 0.2% higher than that for Oct. 2022.

Of the five most populated states, Florida’s unemployment rate outshines California, Texas, New York and Pennsylvania.

California’s unemployment rate is currently 2% higher than the Sunshine State, sitting at 4.8% in October, increasing from 4.5% in May and ranking 49th overall.

The Golden State’s civilian labor force has decreased from 19.42 million to 19.37 million during that time, according to Bureau data.

Texas’s unemployment rate has remained unchanged between May and October, sitting at 4.1%, currently ranked 40th in the nation. The Lone Star state’s civilian labor force has also remained steady, with a slight increase from 15 million in May to 15.1 million by October.

New York’s unemployment rate has increased over the past five months from 3.9% in May to 4.2% by October, with an overall ranking of 42 in the nation. The civilian labor force has had a slight increase of 71,000.

Pennsylvania ranks 30th overall with an unemployment rate of 3.4%, dipping under the national average and decreasing from 4% in May. The civilian labor force has remained steady at around 6.5 million.

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