Unemployment in the US has been problematic but the unemployment rate of Florida increased slightly by 0.1% from February 2014 to March 2014. Although, there has been no change in the Hillsborough County’s unemployment rate during March 2014. Pinellas County’s unemployment rate dropped by 0.1 percent in March but Pasco County remains unchanged at 7.2 percent.
University of Florida’s economist, Sean Snaith, is a member of a few national forecasting panels. These include The Wall Street Journal Economic Forecasting Survey and the Federal Reserve Bank of Philadelphia’s Survey of Professional Forecasters. Snaith said recently that focusing on a single metric to gauge the health of the labor market could unfortunately lead to a faulty assessment.
There are a few factors influencing the current labor market such as the number of new jobs available, the number of workers pursuing new jobs, and industry-related trends.
Snaith has reported recently that the March employment report actually reflects the recovery of Florida’s labor market, which steadily outruns the recovery of the national labor market. He also stated that the unemployment rate would not be so easy to bring down.
In the last year Floridians have seen a lead in both percentage, 11.5 percent, as well as 41 000 new jobs. Nearly 20 000 jobs have been created between February and March.
Tampa-St. Petersburg-Clearwater Metropolitan Statistical Area showed an increase of 9000 more jobs last month compared to that of March 2013 in the professional and service jobs. Trade transportation and utilities followed with 6400 new jobs. Manufacturing, education, and health services at increased by 41 000 new jobs.
Florida’s unemployment rate was at a high of 9.3 percent while Fort Walton Beach-Destin area was at its low of 4.8 percent. With these results, hopes are high with a better future waiting for Floridians.