Hurricane Milton Florida's unemployment rate remained at 3.3% for the seventh consecutive month in October, even as the state saw a dip in private
Florida’s unemployment rate remained at 3.3% for the seventh consecutive month in October, even as the state saw a dip in private-sector employment following the impact of Hurricanes Helene and Milton.
The Florida Department of Commerce reported that 369,000 Floridians were unemployed in October, a slight increase of 1,000 from September. However, private-sector employment decreased by 38,200 jobs last month.
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This decline in employment is likely attributed to the hurricanes that hit the state in recent months. Hurricane Helene made landfall in late September, followed by Hurricane Milton in early October, causing disruptions to businesses and the labor market.
Despite these challenges, Florida’s unemployment rate remains lower than the national rate of 4.1%. The state has also experienced overall job growth over the past year, adding 107,600 private-sector jobs since October 2023.
Key takeaways from the report:
- Labor force shrinks: Florida’s labor force decreased by 9,000 in October and has shrunk by 31,000 over the past year. This trend is attributed to retirements among Baby Boomers and Gen Xers.
- Job losses in several sectors: The leisure and hospitality sector saw the most significant job losses in October, followed by construction and manufacturing.
- Job growth in education and health services: This sector added 3,400 jobs in October.
- Regional variations: Unemployment rates varied across the state, with Miami-Fort Lauderdale-West Palm Beach having the lowest rate at 2.9%. The North Port-Sarasota-Bradenton area, heavily impacted by Hurricane Milton, saw an increase in unemployment.
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While the hurricanes have undoubtedly impacted Florida’s economy, the state’s overall unemployment rate remains relatively stable. The long-term effects of the storms on the labor market remain to be seen.
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