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The unemployment rate in Florida has decreased slightly, but it is still higher than the national average, which according to the Department of Labor is 9 percent. Although Florida’s labor force increased by 14,000 from August to September, it is still down 26,000 from September of 2010. The state’s unemployment rate dropped a whopping one-tenth of 1 percent to 10.6 percent, after remaining fixed at 10.7 percent for three months. Individuals are considered unemployed after one no longer has an occupation, but is still looking for work. When people stop searching for work, for any reasons, they are no longer counted as ‘unemployed.’
Not only is Florida’s unemployment rate high, but consumer confidence seems to be going down. Chris McCarty, a director of the University of Florida’s Survey Research Center in the Bureau of Economic and Business Research said in a press release, “Consumer confidence continues to be in the doldrums, uncomfortably near record low levels here in Florida.” Unfortunately for Floridians, consumer confidence seems unstable, despite reports of minor economic progress in certain sectors.
A recent increase in retail sales reported at the national level may predict that Florida’s own retail activity may receive a slight boost.
Many retailers look forward to the holiday season because during the holidays most can make 30 to 40 percent of their yearly sales. However, with consumer confidence low, most retailers are not expecting a strong holiday season in comparison to past years. McCarty stated, “the National Retail Federation predicts a 2.8 percent increase this holiday season and relatively flat holiday seasonal hiring. Given the current economy, sales in Florida will probably not exceed that.”
National political news may affect confidence. McCarty said, “We must keep in mind that the Super Commission (in Congress) is required to come up with recommendations for budget cuts by Nov. 23 or automatic cuts will be triggered, regardless of the outcome, we can expect renewed media coverage similar to the debt ceiling discussion in August that many consumers found unnerving.”
