Over past month alone, Florida has gained more than 61,000 private sector jobs
The Florida Department of Economic Opportunity today announced Florida has had six consecutive months of month-over-month job growth. Over the past month alone, Florida has gained more than 61,000 private sector jobs, lowering the unemployment rate to 6.5%.
“Florida’s economy is strengthening as the unemployment rate continues to decrease,” said Dane Eagle, Executive Director of the Florida Department of Economic Opportunity. “Under Governor Desantis’ leadership, and working together with Florida business leaders and economic development partners, we have begun to focus efforts on Floridians returning to the workforce and helping to rebuild our great economy.”
Florida Economic Indicators for October 2020 include:
- Unemployment rate was 6.5 percent.
- Florida businesses gained 61,100 private-sector jobs over the month.
- Labor force was down 14,000 over the month.
- Florida’s private-sector job creation over-the-year rate of decline of 4.7 percent was less than the national over-the-year decline of 6.3 percent.
- Florida private-sector jobs were down 368,600 over the year.
- Private-sector industries gaining the most jobs over-the-month were:
- Leisure and hospitality with 29,600 new jobs
- Professional and business services with 13,000 new jobs
- Trade, transportation and utilities with 6,000 new jobs
- Other services with 5,400 new jobs
- Manufacturing with 4,400 new jobs
- Consumer Sentiment Index is 84.4 in October 2020, 2.0 points lower than the September revised figure of 86.4.
Additional Weeks of Reemployment Assistance:
Each year, the maximum number of weeks available to Reemployment Assistance claimants is calculated based on the average unemployment rate for the most recent third calendar year quarter.
- The maximum duration of benefits is twelve weeks if this statewide average unemployment rate is at or below 5 percent.
- An additional week is added to the maximum duration for each 0.5 percentage point increment in the statewide average unemployment rate above 5 percent.
The maximum number of weeks available to claimants filing for Reemployment Assistance after January 1, 2021 is calculated based on the three-month average statewide unemployment rate for the months of July, August and September 2020.
- The average 2020 third quarter statewide unemployment rate is 8.6 percent. Based on this, the expected maximum number of benefit weeks for claimants filing for Reemployment Assistance after January 1, 2021 will be 19 weeks.
To view the October 2020 jobs reports by region, please see below:
To view the October 2020 employment data visit www.floridajobs.org/labor-market-information/labor-market-information-press-releases/monthly-press-releases. Visit Florida Insight, for more information on labor market and economic data . Additionally, the Department has provided a video to assist users in explaining the data provided through Florida Insight and the new platform.
To view today’s presentation, click here.
The Florida Department of Economic Opportunity combines the state’s economic, workforce and community development efforts, expediting economic development projects to fuel job creation in competitive communities and promote economic resiliency. For more information, including valuable resources for employers and job seekers, please visit www.FloridaJobs.org.