Florida unemployment rate increases to 2.9% in November

Florida unemployment rate increases to 2.9% in November

TALLAHASSEE — While still near historically low levels, Florida’s unemployment rate inched up to 2.9% in November. The Orlando-Kissimmee-Sanford metro area was at 3%.

The November statewide rate was an increase from 2.8% in October and represented 324,000 people out of work from a labor force of 11.19 million, according to a report released Friday by the Florida Department of Commerce.

After spending the first half of the year at 2.6%, the rate has slowly risen since July. The state’s record low was 2.4% during the housing boom of 2006.

The labor force grew by 350,000 people from November 2022 to November 2023. The unemployment rate in November 2022 was 2.7%.

“Florida has been leading the nation in new business formations since 2019,” said Jimmy Heckman, the Department of Commerce’s chief of workforce statistics and economic research. “Each year since 2019, there have been more new business formations in Florida than in any other state. We think that is a huge factor in contributing to an increased demand for labor.”

Across the state, the Miami-Fort Lauderdale-West Palm Beach metropolitan statistical area had the lowest rate in November at 2.3%. Within that area, the Miami-Miami Beach-Kendall region was at 1.4%.

The highest unemployment rate was in the Homosassa Springs area at 4.5%, followed by Sebring and The Villages at 4.4%.

Florida has seen employment increases during the past year in categories such as education and health services and trade, transportation and utilities. Also, it has seen increases in categories such as leisure and hospitality and construction.

The national unemployment rate in November was 3.7%, down from 3.9% in October. The national rate has been under 4% for two years.

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