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Florida's jobless rate hits four-year low

By Palm Beach Business.com

DELRAY BEACH — Unemployment in Florida dropped to a four-year low in October, while falling sharply in Palm Beach and Broward counties, according to Florida’s Department of Economic Opportunity.

The statewide rate fell to a seasonably adjusted 8.2 percent from 8.6 percent a month earlier and from 10.2 percent in October 2011. The actual number of unemployed dropped to 768,000 from 810,000 a month earlier.

In Palm Beach County, the rate dropped to 8.6 percent in October from 9.3 percent a month earlier and 10.5 percent in October 2011. The number of unemployed dropped to 53,571 from 57,673 in September.

“The improvement in the county’s unemployment rate reflects a gradual, continued recovery in the region’s economy. The county gained 600 jobs and the number of job openings has increased by nearly 16 percent compared to last year,” Workforce Alliance CEO Steve Craig said. Workforce Alliance is the nonprofit organization that oversees Florida’s work force programs in Palm Beach County.  

County numbers are not adjusted for seasonal factors, and the large drop in Palm Beach County is due largely to employers cranking up for the fall and winter.

Broward County’s rate dropped to 7.1 percent from 7.6 percent in September and 9.0 a year ago. The number of jobless workers dropped to 71,059 from September’s 75,898.

Statewide, employers added 67,600 jobs over the 12 months through October. Business and professional services was the leading sector, added 25,000 jobs. Trade, transportation, and utilities added 23,300 jobs while private education and health services added 23,100 jobs.

Sectors losing jobs over the year included government, down 12,900 jobs, construction, down 4,900, other services, down 4,200 jobs, information, down 1,000 jobs and manufacturing down 900 jobs.

Palm Beach County saw job growth in four sectors: trade, transportation, utilities, up 3,100, government; up 1,800; education and health services, up 1,100; and professional and business services, up 200 jobs.