FLORIDA Shows Economic Recovery
By News Service
TALLAHASSEE — With Florida ’ s job totals back to pre-pandemic numbers , the state ’ s unemployment rate in December and January was 3.5 percent , according to a report released Monday by the state Department of Economic Opportunity .
The state initially estimated a 4.4 percent unemployment rate for December but dropped it to 3.5 percent Monday , largely because of annual U . S . Department of Labor revisions . The new numbers indicate a resurgence in most job sectors despite lingering impacts from the COVID-19 pandemic and mounting inflation .
The 3.5 percent rate for January reflected 364,000 people out of work from a labor force of 10.448 million . It was down from 6 percent in January 2021 .
More importantly , the figures indicate the state has recaptured all 1.28 million jobs lost in early 2020 as the economy sputtered during the first impact of the coronavirus pandemic .
Adrienne Johnston , chief economist at the Department of Economic Opportunity , said the federal-driven revisions showed the state recovered quicker than previously reported , with the state now below the federal unemployment rate for 14 consecutive months .
“ We continue to see positive growth across all industries ,” Johnston said . “ It seems like people are highly encouraged to engage back into the labor force . So , overall , things are very positive . The outlook is looking good for Florida .”
The leisure and hospitality industry , which was hit hardest by the pandemic , has recovered 88 percent of the jobs lost .
Meanwhile , the number of jobs in the sectors of trade , transportation and utilities , professional business services , financial activities , construction and manufacturing have at least recaptured all the jobs lost during the pandemic .
“ Both manufacturing and construction have gained jobs in Florida since February 2020 , whereas these sectors have not yet recovered in the rest of the country ,” Johnston said . “ Florida has also seen strong growth and financial activities compared to the nation , which has not yet seen net job gains over this period .”
The revisions also indicate the state recaptured its pre-pandemic labor force numbers in June 2021 , a month earlier than previously reported , while monthly jobless rates have declined or remained steady since July 2020 . The revisions also showed the peak pandemic unemployment rate in May 2020 was 13.9 percent , rather than a previously reported 14.2 percent .
“ This is still the highest rate on record for the state ,” Johnston said .
14 DITCHMEN • MARCH 2022