Local Unemployment Rate Increases

March 12, 2024

FloridaCommerce announced Monday that the Pensacola metro area private sector employment increased by 3.3% (+5,500 new jobs). The Pensacola area’s unemployment rate was 3.4% in January 2024, a 0.5 percentage point increase from the January 2023 rate of 2.9%.

FloridaCommerce announced that the Pensacola area labor force increased by 8,022, a 3.4% increase over the year in January 2024. The industries gaining the most jobs over the year were leisure and hospitality increasing, by 1,500 jobs; and education and health services, increasing by 1,300 jobs.

Florida’s private sector job growth rate increased by 0.4% (+37,900 jobs) in January 2024, double the national rate of 0.2% over the same period. Florida’s economic data continues to indicate economic stability and confidence among Florida’s workforce as the state’s labor force grew by 2.2% (+243,000) over the year in January 2024, faster than the national over-the-year rate of 0.8%, including 16,000 net new workforce participants in January 2024.

Florida’s statewide unemployment rate has been lower than the national rate for 39 consecutive months. The national unemployment rate was 3.7% for January 2024, 0.6 percentage point higher than Florida’s rate.

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Written by William Reynolds · Filed Under News