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Jacksonville MSA Sees Substantial Over-the-Year Drop in Unemployment Rate

Nov 16, 2012

FOR IMMEDIATE RELEASE: November 16, 2012

CONTACT: DEO Communications, (850) 617-5600, media@deo.myflorida.com

 

JACKSONVILLE MSA SEES SUBSTANTIAL OVER-THE-YEAR DROP IN UNEMPLOYMENT RATE

Region ranks third in the state in job gains since last October

 

TALLAHASSEE— The Jacksonville Metropolitan Statistical Area (MSA), consisting of Baker, Clay, Duval, Nassau, and St. Johns counties, experienced a number of positive economic indicators last month, highlighted by its October 2012 unemployment rate of 7.7 percent (not seasonally adjusted), a 2.0 percentage point decline from its October 2011 rate of 9.7 percent. Additionally, since December 2010, the region’s unemployment rate has declined 2.6 percentage points, from 10.3 percent to 7.7 percent.

 

Over the past year, Baker, Clay, Duval, Nassau, and St. Johns counties all saw substantial declines in their unemployment rates.  Baker County led the way with a decline of 3.3 percentage points, going from 10.0 percent to 6.7 percent, while St. Johns County’s rate dropped 2.1 percentage points from 8.5 percent down to 6.4 percent.  Duval County dropped 2.0 percentage points from 10.2 percent to 8.2 percent and Clay and Nassau counties both saw declines of 1.8 percentage points, with Clay dropping from 8.9 percent to 7.1 percent and Nassau County’s rate decreased from 9.2 percent to 7.4 percent.

 

Since December 2010, Baker County also led the region’s counties in unemployment rate decline, going from 10.4 percent to 6.7 percent, a 3.7 percentage point drop, followed by Nassau County’s 3.1 percentage point drop from 10.5 percent to 7.4 percent.  Clay County’s rate went from 10.0 percent to 7.1 percent (a 2.9 percentage point decline), Duval County’s rate declined 2.5 percentage points from 10.7 percent to 8.2 percent, and St. Johns County’s rate declined by 2.4 percentage points from 8.8 percent to 6.4 percent.

 

In addition to the drop in its unemployment rate, the Jacksonville MSA ranked third in the state for gains in total nonagricultural employment over the year with an increase of 6,300 jobs. The region also added the most jobs over the year in financial activities with 2,300 new jobs.

 

The Manpower Employment Outlook Survey for the fourth quarter of 2012 indicated that Jacksonville area employers expect to hire at a steady pace. The 10 percent net positive hiring outlook was above the year-ago outlook of 8 percent. 

 

Also in October, WorkSource along with the state’s other 23 Regional Workforce Boards reported 50,423 Floridians were placed in jobs. An individual who receives employment and training assistance through a One-Stop Career Center and finds a job within 180 days is deemed a placement and may be reported by a regional workforce board. Of these individuals, 15,078 previously received Reemployment Assistance. Since January, more than 337,000 Floridians were placed in jobs, with nearly 85,000 former claimants finding employment.

 

Florida’s seasonally adjusted unemployment rate declined to 8.5 percent in October, the lowest since December 2008.  The October 2012 rate was 1.7 percentage points lower than the year-ago rate of 10.2 percent.  The state also experienced positive over-the-month job growth of 12,100 new private sector jobs. Since December 2010, the state’s unemployment rate has dropped 2.6 percentage points and 174,500 private sector jobs have been created.

 

To view the October 2012 monthly employment data, visit:

www.floridajobs.org/labor-market-information/labor-market-information-press-releases/monthly-press-releases.

 

The Florida Department of Economic Opportunity combines the state’s economic, workforce and community development efforts. This new approach helps expedite economic development projects to fuel job creation in competitive communities. For more information, including valuable resources for employers and job seekers, please visit www.floridajobs.org.

 

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