Friday, May 18, 2012

Brevard County Unemployment Rate Drops To 9%

BREVARD COUNTY, Florida --Brevard County's unemployment dropped from 9.5% in March 2012 to 9% in April 2012  (not seasonally adjusted).  The drop in the unemployment rate was due to a combined factor of a large reduction in the labor force along with modest job creation on Florida's Space Coast. 

In March, there were 265,087 people in Brevard County's labor force of which 239,936 were employed.

In April, there were 263,783 people in Brevard County's labor force of which 240,027 were employed.

Statistics from Florida's Department of Economic Opportunity indicate the creation of  91 jobs in Brevard County during the month of April while the workforce declined by 1,304 people.

Statewide, Florida’s (not seasonally adjusted) unemployment rate in March was 8.6 percent which was reduced to 8.3% in April.   Like Brevard County, the drop in the unemployment rate was due to a large reduction in the labor force along with modest job creation.  The April 2012 rate was 1.9 percentage points lower than the April 2011 rate of 10.6 percent. 

“This continued drop in Florida’s unemployment rate is proving our economy is on the path to recovery and Floridians are getting back to work,” said Governor Rick Scott. “With Florida being ranked as one of the top two states for business in the nation, employers are sure to continue expanding and moving to Florida creating jobs that help us ensure this pattern will continue.”

Florida’s job growth rate over the year has been positive for 21 consecutive months, after losing jobs for three straight years. Since Governor Scott’s inauguration, the state’s unemployment rate has dropped 2.2 percentage points and added almost 100,000 private sector jobs. 

Additional positive workforce trends include:
  • Florida’s unemployment rates have declined over the year for 17 consecutive months 
  • Florida’s unemployment rate has declined for 10 consecutive months
  • Florida’s job growth over the month has been positive for eight of the last 10 months

Also in April, the state’s 24 Regional Workforce Boards reported that nearly 30,000 Floridians were placed in jobs, with 124,000 job placements reported since January. Of these individuals, 6,754 previously receiving unemployment compensation were assisted in April, with 27,500 former claimants finding employment since the beginning of the year. This continues a positive trend statewide in reducing the impact on the state’s unemployment compensation totals, with 345,000 people claiming benefits representing a drop of more than 45 percent from the peak of 735,000 claims in February 2010. This reduction means less of a financial burden on taxpayers and businesses.

“Under the leadership of our job-focused Governor, Florida’s unemployment rate has decreased to its lowest point in more than three years, again showing Florida is headed in the right direction,” said DEO Executive Director Hunting F. Deutsch. “We will continue collaborating with our partners at Enterprise Florida and Workforce Florida to create a reemployment system that produces the best workforce in the nation to support Florida’s growing businesses.”

Florida’s job openings advertised online were 243,000 in April 2012, up nearly 3 percent over the month according to The Conference Board. This is a gain in labor demand over the month of nearly 7,000 job openings.

U-6, which is a broader measure of total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force, is around 7% higher than the often above-cited U-4 statistic.