Friday, August 21, 2015

Florida's Unemployment Rate Dips To 5.4%

Governor Rick Scot
Florida's unemployment rate fell to 5.4% in July 2015, down 0.2 percentage point from the June 2015 rate of 5.6%, and down 0.6 percentage point from 6.0% a year ago, according to data released by the Florida Department of Economic Opportunity. 

“I am excited to announce that more than 917,400 private-sector jobs have been created in our state since December 2010," Governor Rick Scott said. "Thousands of Floridians are finding new opportunities to find a great job, provide for their loved ones, and achieve their dreams in our great state. We are working hard to continue cutting taxes and reducing regulations so more businesses will grow and expand here.”

The Sunshine State’s seasonally adjusted total nonagricultural employment number was 8,105,000 in July 2015, an increase of 30,500 jobs (+0.4 percent) over the month. Compared to July a year ago, the number of jobs in the state was up by 271,500, an increase of 3.5%.

The industry gaining the most jobs was trade, transportation, and utilities (+57,400 jobs, +3.5%). Other industries gaining jobs included leisure and hospitality (+52,300 jobs, +4.8%); private education and health services (+48,400 jobs, +4.2%); professional and business services (+40,200 jobs, +3.4%); construction (+26,500 jobs, +6.6%); financial activities (+13,300 jobs, +2.5%); other services (+12,500 jobs, +3.9%); manufacturing (+6,000 jobs, +1.8%); and government (+15,200, +1.4%).

The only major industry that lost jobs over the year was information (-100 jobs, -0.1 percent).

Brevard County

Brevard County's unemployment rate dropped from 7.3% in July 2014 to 6.1% in July 2015, which was entirely due to a reduction in the labor force (-5,241 people) outpacing job gains (+1,672 jobs) during the same period.

There were 243,020 employed, and 15,674 unemployed, people on Florida's Space Coast in July 2015. Despite thousands of people leaving the workforce in Brevard County, the local unemployment rate of 6.1% remains significantly higher than the statewide unemployment rate of 5.7%.

Non-agricultural job gains on the Space Coast were led by professional and business services (+1,900 jobs); education & health services (+1,700 jobs), leisure & hospitality (+1,000 jobs); and trade, transportation, and utilities (+400 jobs). Other industries that gained jobs over the year included manufacturing (+200 jobs) and other services (+300 jobs).  Government (-600 jobs) and Information (-200) were the industries within the non-agricultural job category to lose jobs. Mining, logging, and construction and financial services remained unchanged over the year.