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Florida Unemployment Rate Drops to 6.2 Percent

Florida is generating new jobs for its people, according to Florida’s labor market. The recent state shows that the unemployment rate has seen a decline from 6.3 percent in May, 2014 to 6.2 percent in June, 2014. Addition of 37400 new jobs has been influential in reducing the unemployment rate in the State.

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As usual, the private sector has been the dominant figure in the job market again that has helped the reduction of unemployment rate. It added 36900 jobs in the State during the last month only. It is quite overwhelming an achievement after Florida witnessed loss of 18000 jobs last May.

Among the private sector, construction industry made most of the contribution in creating jobs for the job seeker in Florida. Over the last year, the construction industry witnessed growth of 12%. That’s far beyond any other industry in the country. Since last June, the construction industry has added 41700 jobs. This, in turn, also influenced other sectors like transportation, professional and business services, trade and utilities etc. to grow and create jobs. These sectors created about 98000 jobs throughout last year.

The labor force of Florida stood at 9.4 million after 2013. As the current trend shows, the labor force of Florida has witnessed a growth and it stands at 9.6 million after June, 2014. This shows that job sector is growing in Florida and the more it grows the more the unemployment rate drops down.

According to the analysts, the unemployment rate could see a dramatic decline if there didn’t exist any discouraged or frustrated workers. According to the present rule, a person is not counted unemployed if he doesn’t look for any job. Since, there exists lots of job holders who are not satisfied with their current jobs and are looking for new jobs the unemployment rate is not expected to see any dramatic decline in near future at least.

Nationwide unemployment rate after June stands at six year low 6.1 percent. The Labor statistics show that public and private sectors added 288000 jobs throughout different States of the USA in June, 2014.

To conclude, the overall performance of Florida has been quite excellent in comparison with the other States of the USA. It’s economy is growing fast and has been contributing well in strengthening the economy of the USA.