Florida’s unemployment rate remains below the national average

Florida’s unemployment rate continues to be lower than the national average, as indicated by recently released statistics.

The U.S. Bureau of Labor Statistics reports that Florida, also known as the Sunshine State, has experienced a slight increase in its unemployment rate. As of February 2024, the state’s unemployment rate stands at 3.1%, which is a 0.3% rise compared to February 2023. In comparison, the national seasonally adjusted unemployment rate is approximately 3.9%.

Florida currently has a labor force of slightly over 11 million people, with approximately 345,000 individuals unemployed. In February, the state’s seasonally adjusted total nonagricultural employment stood at nearly 9.89 million jobs, reflecting a decrease of 5,500 jobs or -0.1% compared to the previous month.

Florida is surpassing the national average for job creation, having added 226,200 jobs in the past year, which represents a 2.3% increase. In comparison, the national job numbers only grew by 1.8%. Notably, Miami-Dade County boasts the lowest unemployment rate in the state, standing at 1.6%. Conversely, Citrus County holds the highest unemployment rate in Florida, reaching 5.2% in February 2024.

In the past year, nine out of 10 major industries experienced growth, with the education and health sector leading the way by adding over 57,000 jobs, representing a 4% increase. The trade, transportation, and utilities industry also saw a positive trend, with a 2.5% increase and the addition of 48,300 jobs. Furthermore, the leisure and hospitality sector experienced a 2.7% growth, resulting in the creation of over 35,000 new jobs.

The information industry in Florida experienced a notable decline, with a loss of approximately 900 jobs, representing a decrease of 0.6%.

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According to the Bureau, North Dakota boasts the nation’s lowest unemployment rate at 2%, closely followed by South Dakota with a rate of 2.1%. On the other hand, California has now surpassed Nevada with the highest unemployment rate of 5.3%, just slightly higher than Nevada’s rate of 5.2%.

In the span of a year, Alabama experienced a growth in its labor force, with an increase from 2.2 million to 2.32 million by February. However, the overall unemployment rate also saw a rise, going from 2.3% to 3%. Similarly, Georgia witnessed a growth in its workforce, going from 5.26 million to 5.33 million in the course of a year. In contrast, its unemployment rate decreased slightly from 3.2% to 3.1%.

Texas boasts a robust labor force of 15.1 million, experiencing growth from 14.95 million in the past year. Additionally, the Lone Star State has achieved a slight decrease in its unemployment rate, dropping from 4% to 3.95%.

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