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Report: Florida's economy, unemployment face uphill battle

Florida's economy continues to face a number of challenges as it tries to rebound from the Great Recession, according to a report out today from the The Florida Legislature's Office of Economic and Demographic Research.

The report found that while Florida's unemployment rate has dropped from 9.9 percent in December to 8.6 percent in May, most of the drop was due to people dropping out of the labor force. Nearly 70 percent of the decline in unemployment is due to people leaving the state's workforce. 

"If the [labor] participation rate had held steady since 12/11 the unemployment rate would have been 9.5 percent," the report found.

Also from OEDR: "Florida’s personal income grew 0.7 percent in the first quarter of 2012, ranking the state 38th in the country with respect to state growth. This was only slightly behind Texas which was ranked 36th. The national average was 0.8 percent. Health Care and Social Assistance and Professional, Scientific and Technical Services were the strongest industry contributors to the state’s growth. Compared to the US as a whole, Construction continues to be a drag."

The report did note that only eight counties in Florida had double-digit unemployment, down from a peak of 52 during the height of the recession. Still, home foreclosures, a tight credit market and the impending federal spending cuts to the defense budget threaten to drag out the recovery.

 General revenue has come in higher than expected, to the tune of about $393 million extra dollars through the first half of the year. 

June unemployment numbers will be released on Friday.

For the full report, titled "Florida: An Economic Overview," click here

--@ToluseO

Comments

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Realista

Willard Romney calls the "Paul Ryan Budget, Wonderful"!

Do you know what is in it, and not in it?

Medicare will be phased OUT to - "A Voucher Program" where seniors will "receive a Stipend of $8 to $9 K with which to "Purchase Private Health Insurance" which will Now Cost Them up to 50 percent More Than the 20 percent Co-Pay of Today! Medicaid will be cut 1/3 and become a payment to a State to adsminister and ration medical care... ie. " STATE DEATH PANELS"!!

Their Objective, as Grover Nordquist says "Shrink Medicare and Medicaid to a size where It can be drowned in a bathtub"!

So, The Republican Heath PLAN -- "Is NO PLAN" , Just .. "If You Cannot Afford ta Buy Private Health Insurance ... JUST DIE"!

joe blow

WOW! DICK Scott and the CORRUPT REPIGGIES VOODOO ECONOMICS is really working!
NOT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Dan Shields

Uphill battle? Yes, it's called "Rick Scott."

Dan Farrar

Scott needs to leave office-He is a disaster as a governor and an embarassment to the citizens of this state. Where is the recovery Rick?

brian wolek

I want to know not only where the recovery is but why citizens is raising rates 23 percent???? My understanding is that Scott is behind this.

I also want to know why we have a Lt Gov making 4123000 a year just so she can have lesbian sex in her office at tazx payers expense.

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