The Bureau of Labor Statistics measures the unemployment rate by comparing the total amount of individuals who are unemployed to the labor pool in entirety. When determining the jobless rate, authorities use the definition of unemployed as those who are seeking and available to work, but remain unemployed. The way the unemployment rate is factored is through two separate labor force surveys.
The so-called “normal” jobless rate for a state is around 5 percent. Fluctuations in a state unemployment depends on certain factors such as overall job growth, loss of jobs and individuals entering or re-entering into the labor force. Understanding the unemployment rate is a crucial part of determining certain economic factors and potentially outlining the trajectory of a state’s job scope.
Florida Unemployment Resources
What is the unemployment rate in Florida?
For those wondering, “What is the unemployment rate in Florida?” the answer is 4.3 percent as of May 2017. In fact, the unemployment rate in Florida has been in decline for the third month in a row. This jobless rate is a historical low for Florida, as the state has not seen such low unemployment percentage points in nearly a decade. In the month of May, the unemployment rate decreased in Florida due to the addition of almost 30,000 jobs. Economists are projecting not much more of a decrease in rates in the coming months, as the state inches closer to full employment. Other factors to consider as to why the steep decline in the unemployment rate in Florida are more unemployed workers becoming employed who were classified as unemployed before and more people left the labor force for reasons such as retirement or disability. The biggest sector within the labor force to contribute to the decrease in the jobless rate goes to business and professional services, with over 50,000 jobs added for the year thus far.
For those interested in learning more about unemployment benefits in Florida, there are plenty of resources to provide you with the information as well as eligibility requirements. Unemployment insurance benefits include temporary wage compensation for those who are eligible, to help ease the financial burden between employment opportunities.