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Home Economy

Data Shows Mixed Signals for Florida’s Economy | Florida News

by Trading How
January 29, 2021
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Data Shows Mixed Signals for Florida’s Economy | Florida News
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ORLANDO, Fla. (AP) — New unemployment claims in Florida final week jumped by nearly 50% from the earlier week, persevering with a yo-yo cycle of purposes for jobless advantages. In the meantime the state’s unemployment fee final month nudged down ever so barely, based on figures launched this week.

The blended alerts on Florida’s service-oriented economic system replicate the uncertainty posed by the coronavirus pandemic. On the similar time that extra Floridians are getting vaccinated, extra contagious strains of the virus have been discovered within the U.S.

Florida final week had 57,824 new jobless claims, a leap from the earlier week’s 39,226 new claims, based on figures launched Thursday by the U.S. Division of Labor. By comparability, new unemployment claims nationwide final week dropped greater than 7% to 847,000 purposes.

Florida’s unemployment fee in December dipped barely to six.1% from 6.3% in November, persevering with a downward pattern, based on figures launched Tuesday. The state reached a excessive of 13.8% final April amid virus-related enterprise closures.

Florida has misplaced 1.1 million jobs for the reason that begin of the pandemic final March however has gained again solely 718,700 jobs. The leisure and hospitality trade has suffered the best, shedding 197,000 jobs, or 15%, from the prior yr.

In December, St. Johns and Wakulla counties had the state’s lowest unemployment fee, at 3.6%. Osceola County, exterior Orlando, had the state’s highest unemployment fee, at 8.7%.

On the peak of Florida’s unemployment final yr, the state struggled to maintain up with the flood of unemployment purposes. Including to the misery was the state’s relative stinginess: Florida gives among the many lowest weekly advantages of any state and the briefest time the jobless might obtain advantages — simply 12 weeks.

Democratic lawmakers are pushing to spice up advantages, nevertheless it stays to be seen if the transfer will acquire any traction amongst Republicans who management the statehouse.

Firstly of the yr, the state elevated the length individuals are eligible for advantages — from the minimal 12 weeks to 19 weeks, as prescribed by state regulation.

The length for unemployment advantages is about by the typical unemployment fee for the third quarter of the earlier yr. From July by way of September, Florida’s unemployment fee was slightly below 9%, and state regulation dictates that the unemployment profit interval be prolonged per week for each half % the typical unemployment fee exceeds 5%.

Copyright 2021 The Associated Press. All rights reserved. This materials will not be revealed, broadcast, rewritten or redistributed.



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