Jenn DuBey, communications manager at CareerSource Research Cost, said it best.
“The last time the unemployment rate was this low for (the Treasure Coast) was back in 2006,” she remarked. “The last time St. Lucie County was below 3.8 (percent not seasonally adjusted unemployment) was May of 2006. It was 3.7, same as now.” The Florida Department of Economic Opportunity released its latest employment report on Nov. 16. The report covers the month of October, the month when holiday- and tourism-season hiring starts to show in local employment numbers. The department reported that not-seasonally-adjusted unemployment is down from 4.7 percent in October last year, and down from 3.8 percent in September.
The positive local numbers follow the nation and state. In April the national unemployment rate dipped below 4 percent, seasonally adjusted, for the first time since December of 2000. The state dropped to a seasonally-adjusted 3.7 percent unemployment rate in July this year. That was the lowest for the state since April 2007.
The downside of the hiring economy is expected.
“We’re happy the unemployment rate is where it is, because people have a job,” DuBey said. “The problem we have now is a high demand for certain (industry) sectors and we don’t have the bodies to fill them.”
The Port St. Lucie Metropolitan Statistical Area, which covers all of St. Lucie and Martin counties, had about 150,000 non-agricultural jobs in October. That’s up about 3,100 from October 2017.
The sectors with the strongest growth, by percentage of jobs added, were manufacturing, with an increase of 4.6 percent, and education and health services, with an increase of 4.5 percent. Those are two sectors that grew faster than the statewide average over the year, too.
In terms of jobs added, education and health services took the gold by adding 1,200 jobs from October to October. The mining, logging and construction industry sector added 700, followed by trade, transportation and utilities, matching leisure and hospitality by adding 600 each. Manufacturing added 300 jobs; other services 200; financial activities and government added 100 each.
The only industry sector that shed jobs over the year was professional and business services – 700. Information stayed level.
DuBey said there’s evidence Treasure Coast employers are reaching into the bag of tried-and-true methods to attract and keep workers. “Employers are raising wages, and there are on-the-job training programs,” she said.
December is traditionally a slow month for job fairs and none are planned in St. Lucie that CareerSource is aware of. DuBey said job fairs will probably crank up after January.
Nationally, the labor force participation rate in October was 62.9 percent, up slightly from September and August (62.7), and matching June and July.
The national and state unemployment rates are calculated using a variety of methods. Among them are telephone interviews with workers. Those that are able to work and report not having jobs, but looked for employment in the previous 30 days, are counted as unemployed. Discouraged workers – those who are able to work and want jobs, but have not sought employment in the previous 30 days – are not counted in the unemployment figure. Many call this “shadow unemployment,” and it’s inherently difficult to track due to variations for why people don’t seek jobs.
