Fla. jobless rate drops; county’s is up to 5.6%
Conflflicting signals in jobs reports reflflective of mixed recovery.
Struck by the usual summer slowdown, Palm Beach County’s jobless rate rose to 5.6 percent in July from 5.2 percent in June, state economists said Friday.
The county lost 3,700 jobs from June to July, a decline of 0.7 percent, according to the Florida Department of Economic Opportunity.
Statewide, the seasonally adjusted jobless rate dipped to 5.4 percent, just above the national average of 5.3 percent.
By another measure, Florida’s labor market outpaces the nation.
The state’s job growth over the past year was 3.5 percent, a pace that trailed only Utah and Nevada and topped California, Texas, New York and other large states.
“Overall, we’re moving in the right direction,” said Mekael Teshome, Florida economist for Bank.
As the stock market swoons
— the Dow Jones industrial average posted a nearly 900-point decline on Thursday and Friday — the Florida jobs report provided a glimmer of good news.
“With the national and global economic picture looking shaky, I was bracing myself,” said Sean Snaith, an economist at the University of Central Florida. But it’s generally a strong report.”
Reflflecting the economy’s mixed recovery since the Great Recession, the Florida jobs report sent conflflicting signals.
One section of the report indicated the state lost 21,300 jobs from June to July; another reading, based on difffffffffffferent data, said the state added 30,500 jobs.
“I’m more inclined to believe the increase,” Teshome said. “That’s more in line with what we’re hearing on the ground. Airports are busy, and companies are hiring.”
Over the past year, Florida’s trade, transportation and utilities sector did the most hiring, adding 57,400 jobs.
The low-paying leisure and hospitality industry grew by 52,300 positions, and construction added 26,500 jobs.
In Palm Beach County, professional and business services led the way, adding 7,200 jobs over the past year, followed by education and health services’ 3,900 jobs.