Jacksonville’s unemployment rate fell in May, a hopeful sign for the local economy as new college and high school graduates enter the work force.
The unemployment rate for the Jacksonville metropolitan area — consisting of Baker, Clay, Duval, Nassau and St. Johns counties — fell from 4.3 percent in April to 4.1 percent in May, the Florida Department of Economic Opportunity reported Friday.
The state agency does not adjust the data for seasonal factors, such as the influx of new grads looking for work.
But even when the data is seasonally adjusted, it shows the jobless rate dropped from 4.47 percent to 4.26 percent last month, the University of North Florida’s Local Economic Indicators Project (LEIP) reported.
UNF economist Paul Mason said while the data shows the size of the labor force grew by about 8,000 in May, the job market was able to accommodate new job seekers as employment grew by about 9,000.
“It’s just really good news. We’re definitely in that full employment area or just above it,” Mason said.
Duval County’s unemployment rate fell from 4.6 percent in April to 4.4 percent in May, without adjustment, the Department of Economic Opportunity said.
When the data is seasonally adjusted, it shows an even sharper drop from 4.78 percent to 4.27 percent, LEIP said.
Jacksonville’s unemployment rate was lower than Florida’s seasonally adjusted rate of 4.7 percent, down 0.1-point from April.
Jacksonville also is outpacing the rest of the state in job growth, according to the Department of Economic Opportunity’s survey of non-farm businesses.
The Jacksonville area added 23,200 jobs from May 2015 through May 2016, a 3.6 percent growth rate. Florida’s statewide growth rate was 3.2 percent.
The biggest job gains in the Jacksonville area have come in the leisure and hospitality sector, up 8.4 percent, and construction, up 6 percent.
Most sectors have increased jobs but the information sector continues to drop, declining by 2.2 percent in the 12-month period.
The information sector had been the only industry losing jobs in the Jacksonville area. But May data shows the professional and business services sector dropped by 0.3 percent in the past year, mainly because of a net decline of 1,400 jobs in the administration and waste services sub-sector.