January 2013 Monthly Unemployment Rate Release Schedule & FAQs
Good afternoon media members,
On Monday, March 18 at 10 a.m., Florida’s January 2013 and benchmarked employment figures will be released. Below is information on why the January 2013 figures are being released on Monday and an explanation of the benchmarking process.
Please contact the DEO Communications Office with any questions at email@example.com.
Florida Department of Economic Opportunity
Annual Benchmark Process
Frequently Asked Questions
What is an annual benchmark revision?
· The annual benchmark revisions for both employment and unemployment are mandated by the U.S. Department of Labor, Bureau of Labor Statistics and are a standard part of the estimation process at the national level and in all states every year. This benchmark is a routine process that has taken place annually at the same time every year for the last several decades.
· The benchmark revisions represent an annual change in the level of employment or re-anchoring of survey estimates to actual employment counts from Reemployment Assistance tax records. This process also introduces new population inputs and other economic data into the statistical models that estimate employment and unemployment. These revised statistics are more accurate than the preliminary series.
When are the benchmarking figures released?
· Every March, the U.S. Department of Labor, Bureau of Labor Statistics and the Florida Department of Economic Opportunity release January employment and unemployment estimates as well as revised historical data. The revisions are done in order to produce more accurate historical data.
· Due to the processing time needed to prepare the annual updates, the January employment and unemployment statistics along with the annual revisions are not released until March. As a result, no new estimates were released in February.
· On March 18, 2013, the January employment and unemployment statistics are released along with revised historical data. On March 29, 2013, the February employment and unemployment statistics are released.
· For the rest of the year, there are monthly releases of the prior month’s data on the third Friday of each month.
What is the Department of Economic Opportunity’s (DEO) role in producing Florida’s labor statistics?
· DEO’s Bureau of Labor Market Statistics produces employment (job counts) and unemployment statistics in cooperation with the U.S. Department of Labor, Bureau of Labor Statistics using mandated procedures from the federal Office of Management and Budget. Statistics are based on probability samples and statistical modeling and are calculated the same way in all 50 states.
· The monthly unemployment numbers are produced through household surveys conducted by the U.S. Census Bureau. Survey results are combined with other data elements and put into a statistical model which generates the final estimates. The monthly employment/jobs counts are produced through business surveys conducted by the U.S. Bureau of Labor Statistics. All states in the nation use the same estimating methodology developed at the federal level.
What areas are being revised and when?
Nonagricultural Employment Statistics (job counts)
· The statewide nonagricultural employment series (jobs) are being revised back to 1990.
· Of the 22 metro areas’ nonagricultural employment series, 12 are revised back to 1990 and 10 are revised back to 2011. The 10 metro areas that are being revised for the years 2011 and 2012 only are: Cape Coral-Fort Myers, Ft Lauderdale-Pompano Beach-Deerfield Beach, Gainesville, Ocala, Palm Bay, Port St. Lucie-Fort Pierce, Punta Gorda, Sebastian-Vero Beach, Tampa-St Petersburg-Clearwater, and West Palm Beach-Boca Raton-Boynton Beach.
· The annual revisions prior to 2011 are needed due to reporting changes at the employer level.
· Florida statewide and all substate areas are being revised back to 2008.
· The annual revisions are needed due to new population inputs and other economic data used in the statistical models that estimate unemployment and unemployment rates.