Florida State Follows National Unemployment Rate Drops

In September 2021, the US economy registered a national unemployment rate of 4.7 percent, which was average for an economy that has emerged from several seismic shocks. Fast forward a year, and the rate has dropped substantially from this level to a sustainable 3.5% 

This national trend is mirrored at the state level when we consider the rates in Florida. According to a recent statement from the Florida governor, the unemployment rates are the second lowest they have ever been in the history of Florida. This is a good omen in tough times for the economy.   

Gross Domestic Product 

Florida Governor Ron DeSantis spoke in a statement recently and announced that the state’s unemployment rate had dropped to a new low. The current unemployment rate in the state fell to 2.5% last month, which stands as the seconded lowest rate in the state’s recorded history.

The national unemployment rate includes the underemployed as well as those who have given up searching for work. It’s a testament to the work of President Joe Biden and the state’s governing bodies that the unemployment figure has dropped to a rate not seen in generations.  

National rates

It is not only Florida that is benefiting from the drop in unemployment rates under the current President; the entire country is as well. In the last year, from September to September, the national unemployment rate dropped from 4.7 percent in 2021 to 3.5 percent in the year 2022.  

The U-6 unemployment rate has also fallen. The U-6 unemployment rate includes those who have given up searching for work and those people considered underemployed. This rate has fallen nationally from 7.2 percent to 6.4 percent from year to year: the lowest in five years. 

Unemployment rates 

The world has emerged from a challenging time with the global pandemic and struggles politically in the US with challenges to the democracy, only to encounter an energy crisis. Still, the unprecedented unemployment rates experienced through the pandemic returned to normal and then exceeded expectations. 

In the year from September 2021 to September 2022, the Florida workforce grew by 316,000 workers, or 3%. Part of the reason for the increase has been a change in working conditions - such as remote working and hybrid working - but it has also resulted from changes in policy. 

The future 

Florida and the American economy have remained resilient throughout the recent shocks; part of this has been down to the reluctance of businesses to lay off workers during tough times. 

There’s good news, while job openings have reduced in recent months, there are still 4 million more vacancies nationwide than there are Americans unemployed. It seems that President Biden has been good for employment rates in Florida so far; let's hope the trend continues into 2023 and reaches an all-time low again. It’s fair to say that the future is bright for the Sunshine State.