Jacksonville’s unemployment rate fell in February, the Florida Department of Economic Opportunity said Friday in an update that showed a better labor market than the agency had just reported the previous week.
The unemployment rate in the Jacksonville metropolitan area –– comprising Duval, Baker, Clay, Nassau and St. Johns counties –– fell from 5.2 percent in January to 4.5 percent in February, the state agency said.
The agency does not adjust the data for seasonal factors but the University of North Florida’s Local Economic Indicators Project said when it is seasonally adjusted, the Jacksonville area jobless rate still dropped from 4.68 percent in January to 4.46 percent last month.
The Department of Economic Opportunity also said non-farm businesses in the Jacksonville area added 25,900 jobs to their payrolls from February 2016 through February 2017, a strong 3.9 percent growth rate.
That was an improvement from the 2.8 percent growth rate the agency cited for January in a report issued March 13.
“The job market looks excellent in February with this robust growth in the workforce and employment,” said UNF economist Albert Loh.
The number of unemployed people fell in February despite an increase of about 13,000 in the Jacksonville area labor force.
The labor force consists of people with jobs or who are actively looking for work, and an increase is a sign that more people are encouraged about their job prospects.
The data from business payrolls showed widespread growth across most industry sectors, another positive sign.
Loh said for a long time, Jacksonville’s job growth was propped up by the health care sector but now the area is seeing growth in industries such as construction, professional business services and leisure and hospitality.
“Health care continues to grow, at a slower rate, but you can see the other sectors are picking up as well,” he said.
“Overall, it’s a very optimistic picture,” Loh said.
The only major industry sector losing jobs was the transportation, warehousing and utilities sector, down 0.3 percent in the 12 months through February.
The transportation industry could look worse in the March report. The February data was collected before CSX Corp. cut about 500 management-level jobs in Jacksonville.
Duval County’s unemployment rate fell by 0.6 percentage points to 4.8 percent in February without adjustments, the Department of Economic Opportunity said.
Loh said after seasonal adjustment, the county’s jobless rate fell from 5.45 percent in January to 4.94 percent last month.
Florida’s seasonally adjusted unemployment rate was unchanged at 5 percent in February, the Department of Economic Opportunity said. Job growth statewide was 3 percent.
Source: Florida Department of Economic Opportunity