Unemployment rate Drops from 6.1 to 6.0 Percent

TALLAHASSEE, Fla. — Governor Rick Scott today announced that Florida’s private-sector businesses added 32,000 jobs in October 2014. Florida’s annual job growth rate has exceeded the nation’s rate since April 2012. Florida’s statewide unemployment rate in October was 6.0 percent, down 0.1 percentage point from last month and down 0.7 percentage point from the October 2013 rate of 6.7 percent.

Governor Rick Scott said, “Today’s announcement that Florida has added 32,000 private-sector jobs is great news as we continue our work to ensure that every Floridian who wants a job can get one. Since December 2010, Florida has added 679,000 private-sector jobs, and it is clear that we are succeeding in creating an opportunity economy that supports families.”

Since December 2010, Florida’s unemployment rate has dropped 5.1 percentage points, from 11.1 percent down now to 6.0 percent in October 2014. Florida’s unemployment rate has declined or held steady over the month for 47 of the last 50 months.

Department of Economic Opportunity Executive Director Jesse Panuccio said, “As the state’s primary economic indicators continue to improve month after month, Florida is showing the nation that low tax, pro-growth policies make a difference for families. The 32,000 new private-sector jobs, the 268,000 job openings, and an unemployment rate down to 6.0 percent mean that Florida is getting back to work.”

Florida’s labor force increased over the month and over the year in October. On an annual basis, Florida’s labor force has increased for 56 consecutive months. This economic indicator can be a sign of optimism as more people are entering the labor force with confidence in their prospects for finding employment. The labor force is defined as the sum of employment plus unemployment (those with a job and those without a job but actively seeking work).

The long-term positive trends in the unemployment rate and job counts are among the most important economic indicators to consider when analyzing the health of Florida’s economic recovery. The state’s private-sector job counts have been steadily on the rise for over four years, showing that Florida’s businesses are responding to the state’s improving economic climate. Since December 2010, the state has added 679,000 private-sector jobs.

More Floridians Getting Back to Work

• Florida’s annual job growth rate has exceeded that of the nation since April 2012.
• Florida’s private sector job growth month-to-month has been positive for 44 of the last 47 months.
• Florida has created 679,000 new private sector jobs since December 2010.
• Florida job postings compiled by the Help Wanted OnLine data series from The Conference Board showed 268,453 openings in October 2014.

Home Sales Robust

• Home sales remain robust as the backlog of existing homes on the market is down by 34.9 percent from December 2011 (Florida Realtors).
• Florida median home prices were up 5.9 percent over the year in September 2014.

Workforce Boards Assisting in Employment

• In October, Florida’s 24 Regional Workforce Boards reported more than 39,300 Floridians were placed in jobs. An individual who receives employment and training assistance through a CareerSource Center and finds a job within 180 days is deemed a placement and may be reported by a regional workforce board. Of these individuals, 8,346 previously received Reemployment Assistance. 
• In 2013, more than 479,000 Floridians were placed in jobs, with 135,384 former claimants finding employment.

To view the October 2014 employment data visit www.floridajobs.org/labor-market-information/labor-market-information-press-releases/monthly-press-releases.

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