Florida’s unemployment rate in January dropped below the national average for the first time in five years. The January employment report was released by the Florida Department of Economic Opportunity Monday. It stated that the unemployment rate decreased to 7.8 percent in January from 7.9 percent in December. The national jobless rate increased to 7.9 percent in January from 7.8 percent in December.
The unemployment rate in January for Florida is the lowest since November 2008. It was also the first time the state dropped below the national average since January 2008. Economists said that tourists are helping the state’s economy. This is also an increase in construction, which is the largest in seven years.
Florida’s jobless rate fell from 9.2 percent in January 2012. The US economy as a whole has been improving in a slow but steady rate. While the unemployment in Florida declined, local jobless rates for Santa Rosa, Walton, and Okaloosa counties went up.
Santa Rosa County’s jobless rate for January was 7.3 percent, which was slightly up from 7.1 percent in December. It tied with Baker and Nassau counties for the 18th lowest jobless rate in Florida. Walton County’s unemployment rate went up to 5.6 percent in January from 5.5 percent in December. It had the second lowest rate in Florida behind Monroe County, which had an unemployment rate of 4.6 percent. Okaloosa County had the third lowest unemployment rate in Florida at 6 percent in January from 5.8 percent in December.
Economists said that the sequestration will have an impact on local and state unemployment rates in the next couple of months. The automatic spending cuts will not affect the unemployment but the furloughs, which will trickle down. It would lead to some unemployment because people from the base will start spending less because they will have less money.
