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.
In essence, the state saw little negative effect from Hurricane Irma despite its severity and the disruptions it spread over Florida.
The unemployment rate was last this low in 2001, at the end of the Clinton boom, though wages have only recently started to improve at a pace ahead of inflation.
The unemployment rate fell to 4.7 percent, not quite the post-Great Recession low of 4.6 percent recorded last November, but close enough.
The seven years of Obama’s presidency have netted 8.3 million jobs, after accounting for the millions of jobs lost in the housing crash, but warning signs abound.
Florida’s labor force shrank by a significant 79,000 and Flagler’s by 325, bringing down their unemployment rates to 5.5 and 6.3 percent respectively.
The national economy added 321,000 in October, the best showing since February 2012, when it added 332,000 jobs, and job-creation figures for September and October were revised upward, adding 44,000 jobs to the tally, for a total of 835,000 in the last three months. But the unemployment rate, calculated from a different survey, held at last month’s 5.8 percent.
After nine months in the 6 percent range, the national unemployment rate in September fell to 5.9 percent, reaching a level last seen in July 2008, when it was rising fast.
Unlike in previous months, the bright jobs picture in June was the result of more people getting jobs and fewer people losing them–as opposed to more people dropping out of the labor force.
Despite a first-quarter decline of 1 percent in economic growth, the economy added 217,000 jobs in May for a total of 1.05 million jobs so far this year, a robust, sustained growth not seen since the end of the Great Recession.