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Florida's unemployment inches up to 7 percent

Florida's unemployment lines are growing. The seasonally adjusted unemployment rate for October was just released and the number has grown to 7 percent, the highest since December 1993. It means that of the 9.6 million in the state's workforce, 655,000 are out of work. The rate is higher than the September rate of 6.6 percent and the national rate of 6.1 percent and it's 2.7 percentage points higher than a year ago.

This bad news comes as Florida's revenue estimators meet to agree on another forecast, and nearly all expect virtually no to little job growth in the year ahead. Their initial projections: Florida's revenues are $2.3 billion below the 2008-09 budget, more money than the state has left to tap from its reserve accounts. That undoubtedly means two words in Tallahassee: special session. Download october_unemployment_release.pdf