The longest economic expansion on record, a 113-month streak that netted 22 million jobs between October 2010 and February 2020, is over. The economy shed 701,000 jobs in March and the number of unemployed persons grew by 1.4 million.
Job growth has averaged 158,000 a month this year, below the average monthly gain of 223,000 in 2018. August’s employment gain was helped by the federal government’s hiring of 25,000 temporary census workers in preparation for the 2020 census.
Wages again increased by 6 cents. Over the year, average hourly earnings have increased by 3.2 percent, well exceeding the 1.6 percent rate of inflation, which means that the difference lifts the net standard of living.
CP Performance has been operating off Hargrove Grade and from near Santa Rosa, Calif., but will merge its operations at its Palm Coast facility, enlarging it and adding 20 jobs over the next five years.
It is the longest uninterrupted expansion since before the Great Depression. The average monthly gain this year has been just over 210,000 jobs, equal the average monthly gains of the last two Obama years.
The Flagler labor force hit a new high of 47,204, up 600 compared to a year ago. Of those, 45,423 residents are holding jobs either in the county or out of the county.
Flagler’s unemployment rate is at a healthy 4.1 percent, where it’s been, give or take a few decimal points, for seven months, with the state’s unemployment mirroring the holding pattern.
Flagler County’s unemployment rate in December fell to 4 percent, down from a revised 4.3 percent, and was down a healthy 1.4 points for the year.
Flagler County and Florida are ending the year on an economic high note, with unemployment in the county at 4.2 percent, down from 5.6 percent a year ago.
In essence, the state saw little negative effect from Hurricane Irma despite its severity and the disruptions it spread over Florida.