Florida creates jobs for thirty consecutive months

Employment in Florida increased by 36,000 in October, making it the 30th consecutive month in which the Sunshine State created jobs. Florida's private sector added 35,000 jobs, a stark contrast with the nation as a whole, where employment actually shrank.

In this regard, growth of private sector employment in Florida outpaced the national rate for the 19th consecutive month, according to data released by state officials. In October, Florida's private sector employment growth was double the national growth rate. Since October 2021, Florida's private sector has grown by 5.6% (+447,800 jobs), faster than the national growth rate (4%).

Florida's unemployment rate raised two tenths of a percentage point to 2.7%. Despite the increase, this is still a historically low figure that remains below the national mark (3.7%). Florida officials noted that much of the increase in the unemployment rate is due to job loss in the southwestern part of the state in the aftermath of Hurricane Ian.

In this regard, the unemployment rate in the Fort Myers area in October was 3.9%, an increase of 0.5 points. Still, Florida Governor Ron DeSantis noted that the state's economy remains resilient:

Florida's unemployment rate has stayed below the national rate for 23 consecutive months, since December 2020.