Florida sees worst jobless rate since 1975

[DemocratSinceBirth]

After hovering at about 10.8 percent for three months, the state's jobless rate rose to 11 percent in September, reminding Floridians that the path to economic recovery won't be smooth.

That message was especially clear in Metro Orlando, where the unemployment rate increased to 11.5 percent, up nearly half a percentage point from a month ago, according to a report released by the state Friday.

Osceola County reported the highest local rate, at 12.8 percent, while Seminole County had the lowest: 10.6 percent. Orange County was at 11.4 percent.

William Seyfried, an economics professor at Rollins College, said Central Florida's spike likely reflects the continued weakness in construction and tourism.

"Statewide, the industries that lost the most jobs in September were construction, and leisure and hospitality," he said, "so I wouldn't be surprised if that helps explain the significant increase in unemployment locally."

Statewide unemployment crept up by two-tenths of a percentage point from the revised August rate of 10.8 percent. Florida's jobless rate is now 1.2 percentage points higher than the national average and more than 4 points higher than it was this time last year.

Florida's new numbers have already exceeded the projections of state officials. That estimate, released in July, called for Florida to top out at 11 percent sometime in the second quarter of next year.

The last time Florida saw 11 percent unemployment was in October 1975. Gerald Ford was president, and the U.S. was struggling to recover from another serious recession.

September's figures, which represent about 1 million jobless out of a labor force of about 9.2 million, are disappointing because Florida's unemployment rate during the past three months had leveled off.


http://www.orlandosentinel.com/business/orl-jobless-report-101709,0,2848026.story


As a Floridian who depends on a vibrant tourism and construction market this is depressing. The figures are probably much worse when you include those working part time but want to work full time , those who quit looking, and those who don't show up on the unemployment roles because independent contractors aren't counted.

[tazkcmo]

1. And of those employed

especially in the hospitality and service sectors are making crap wages. Yes, yes, I know. We're supposed to be grateful we just have a "job" no matter how poorly it pays.

[glowing]

3. That's the problem with Florida, and the moment that my hubby and I have

full custody of our son and secured jobs in another state, we are out of here. The pukes have destroyed this state one little piece at a time... and now, nothing.

[AllentownJake]

2. Florida is in some serious trouble

They were one of the epicenters of the mortgage bullshit that went on. I'm reading reports of $500,000 houses 3 years ago selling for $80,000.

[Cirque du So-What]

4. The population of Florida in 1975 was less than 9 million

It's over 18 million today. That means roughly twice as many people in Florida now out of work than there were in 1975. Also, the unemployed rate doesn't reflect the number of people who have dropped off the unemployment rolls, given up on looking for work, or moved out of the state. We know that the population is declining in Florida, and lack of work is certainly a reason.

[RagAss]

5. People are moving out in droves...we may be back to that 9 million figure before long.

[DemocratSinceBirth]

7. I Don't Know If That Would Be Good Or Bad

Maybe there would be work for those who remain.

[quaker bill]

6. It is ugly here

I deal with construction permits as part of my living. Permitting is less than 1/3 of what it was two years back. We have seen a very slight uptick recently, but it is very slight and mostly due to government stimulus projects coming on-line. The median home sales price two years ago was approaching 200K. It was 125K last month mostly due to a glut of foreclosures and short sales. You can get what was a 500K condo real cheap. The average short sale / forclosure went for 59K last month and even at these prices, the market remains flooded.

The only upbeat thing in this is, to the extent they are still employed and can get credit, service sector workers should be able to afford much better housing.