Jobless Claims Falling in Florida

Man In Suit
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A new report from the U.S. Department of Labor shows jobless claims in Florida are down from the week ending on July 3. There were 6,739 jobless claims filed by July 3, down to 6,430 for the week ending on July 10.

Across the country, 360,000 new claims were filed, which is down 26,000 from the previous week. This is the lowest the country has seen its jobless claims since the start of the pandemic, indicating the recovery of the economy is slowly getting back to pre-pandemic levels.

These numbers follow a June jobs report which showed 850,000 new jobs added to the economy, yet the unemployment rate increased just slightly from 5.8 percent to 5.9 percent.

The unique situation of an improving economy with rising unemployment is “remarkable,” according to analysts.

“The current situation with the U.S. economy is truly remarkable,” said Mark Hamrick, senior economic analyst at Bankrate. “It features what will likely be the strongest annual growth in decades, but currently with a still heightened level of unemployment.”

Other economists are saying the heightened unemployment and the shortages in the labor market can be pinned on federal unemployment benefits. In fact, a new survey showed nearly 2 million workers have turned down job offers to receive federal and state unemployment benefits, as the benefits they receive outpace the income they would make as an employee.

President Joe Biden has previously said, “we don’t see much evidence” of people turning down jobs to remain on unemployment. The White House recently changed their tune and said it “makes sense” the benefits have a sunset provision.

Florida Governor Ron DeSantis withdrew Florida from federal pandemic unemployment programs at the end of May and Florida Department of Economic Opportunity Secretary Dane Eagle said the move will be beneficial for large and small businesses alike.

“Florida’s employers are … seeing employment growth, as more Floridians, including some who completely left the workforce, are now eagerly reentering the workforce,” said Eagle. “Transitioning away from this benefit will help meet the demands of small and large businesses who are ready to hire and expand their workforce.”

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Grant Holcomb is a reporter at the Florida Capital Star and the Star News Network. Follow Grant on Twitter and direct message tips. 

 

 

 

 

 

 

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