FloridaCommerce Announces Florida’s Unemployment Rate Remains Strong at a Low 2.7 Percent While National Rate Increases to 3.8 Percent
FloridaCommerce announced that Florida’s unemployment rate remains at a steady 2.7 percent in August 2023 while the national rate climbed 0.3 percentage point to 3.8 percent. August 2023 marks the 34th consecutive month Florida’s unemployment rate has remained below the nation’s. In August, Florida also extended the over two-year trend of outpacing the national rate for private sector job growth and labor force growth. Florida continues to lead the nation in new business formations under Governor Ron DeSantis for four consecutive years, with more than 2.5 million new businesses created in Florida since 2019. Florida’s construction industry experienced its third consecutive month of growth in August 2023, with 6,700 jobs added since May 2023, while new construction permitting is increasing in Florida – a positive indication for the long-term growth of Florida’s economy. “Thanks to Governor DeSantis’ decisive leadership and strategic investments in Florida’s infrastructure and workforce, Florida is seeing economic stability despite negative national headwinds,” said Secretary of Commerce J. Alex Kelly. “Continued job creation in service industries that generate revenue for businesses and communities and increases in housing permitting, point to Florida’s economic stability. This gives Floridians the confidence to build homes and businesses – a big step in creating generational growth for Florida families.” Florida’s private sector employment grew by 2.9 percent (+244,600 jobs) over the year in August 2023, faster than the national rate of 2.0 percent over the same time period. Florida has outperformed the nation in over-the-year private sector job growth for 29 consecutive months in August 2023. Florida’s leisure and hospitality sector gained 2,300 jobs over the month in August 2023, the first monthly gain since April 2023 and an indication that Floridians have the financial freedom to enjoy leisure activities and contribute to their local economies. In August 2023, the trade, transportation and utilities sector gained the most jobs among all major industries, adding 8,300 jobs from the previous month, followed by education and health services, adding 6,400 jobs; and leisure and hospitality, adding 2,300 jobs. Florida’s economic data continue to indicate economic stability and confidence among Florida’s workforce as the state’s labor force grew by 2.8 percent (+306,000) over the year in August 2023, faster than the national over-the-year rate of 1.9 percent. Florida’s over the year labor force growth rate has outpaced the national rate for 30 consecutive months. Data in the month of August continue to indicate there are many job opportunities available for Floridians throughout the state, with more than 424,000 jobs posted online. Floridians in search of work and new job opportunities are encouraged to turn to the CareerSource Florida network for help. Floridians can find guidance on how to register with Employ Florida and search listings of available local job openings. Career seekers also can improve their employability by perfecting resume writing and interviewing skills, establishing career goals, and pursuing customized career training. These services are provided at no cost to job seekers. To view the August 2023 jobs reports by region, please see below:
To view the August 2023 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.