TALLAHASSEE, Fla. — A hurricane, high inflation, and the possibility of a recession-- amid all of this, Florida officials offered a solid October jobs report Friday. Experts said the state is on firm footing if economic fortunes turn.
Florida’s Department of Economic Opportunity touted a 30th consecutive month of job creation in their regular press conference. Officials said the labor force grew by 36,000, and Florida’s private sector added 35,000 jobs.
Leisure and hospitality led the private sector gains with about 14,100 new jobs. Education and health services followed, 8,200 new jobs, then trade, transport, and utilities with roughly the same.
The growth came despite Ian. In late September— that hurricane devastated some parts of Southwest Florida. The governor noted took note in a statement, Friday morning.
“Florida’s economic resiliency is unmatched in the country – no other state could withstand the direct impact of a Category 4 hurricane and continue to grow jobs in the same month,” said Gov. Ron DeSantis. “We have made record investments in our infrastructure and workforce while building a record budget surplus and providing record tax reduction for Floridians.”
DEO officials were also confident in Florida’s strength despite the possibility of a national recession. Even though state unemployment ticked up slightly (+.2%) to 2.7% in October, they said many were leaving jobs voluntarily to find better ones.
“Which indicate signs of a really healthy, a really active labor market,” said James Heckman, DEO Workforce Statistics Bureau Chief. “So, I think, Florida is in as good of a position as we could possibly be.”
Recession fears continue to loom across the country. Many think the Fed will raise lending rates for a seventh time this year when meeting in December to tamp inflation. The increase is expected to be lower than previous — but still elevating concerns.
“Recovering from a global pandemic has been more challenging than I think anyone could have— than folks may have anticipated,” said Heather Boushey, with the White House Council of Economic Advisers.
Boushey said the Biden Administration remained optimistic it could avoid a major downturn. The economy is in good shape, she said, with strong national job creation and families having a bit of savings.
“We're in a really good position right now,” Boushey said. “That gives us confidence that we will, as you say, stick the landing.”
Back here in Florida, another feather in the state's economic cap, high levels of tourism continue. It’s helped Florida exceed revenue projections and added to a budget surplus. But a recession could hit the state harder than most as Florida relies on sales tax dollars to pay its bills.
