Florida’s prospects for prosperity are bright based on new labor reports indicating the state’s unemployment rate reached a 10-year low in June. Though the rate is now at 4.1 percent, down from 4.3 percent in May, wages still need to grow. The national unemployment rate for June stood at 4.4 percent, up from 4.3 percent.
An article in the Tampa Bay Times describes the low wages as the only factor standing in the way of full employment: “Wage growth has been the Great Pumpkin of this economic recovery,” Sean Snaith, economist at the University of Central Florida, said. “Like Linus, we keep waiting for it to show up, and it hasn’t really come in earnest.”
June’s unemployment rate declined because fewer people were looking for work, as opposed to more workers finding positions.
Between May and June, Florida gained 19,400 jobs, less than the previous month’s job growth of 29,600. Construction added 5,100 jobs over the month and 32,400 over the year, while business and professional services lost 900 jobs in June but gained 47,800 over the year.
“Gov. Rick Scott announced the employment numbers during a visit to Las Vegas to meet with budget airline Allegiant Air, touting its job growth in Florida,” the article said.