In March 2022, Florida added 4,500 manufacturing jobs over the month, representing the largest single month of growth for Florida manufacturers since May 2020.
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The data shows that Florida’s unemployment rate has remained below the national rate for 16 consecutive months while trending downward or holding steady for 20 consecutive months.
In March 2022, Florida’s unemployment rate decreased by 2.2 percentage points over the year to 3.2 percent and continued to remain below the national rate. Florida’s private sector job growth has also exceeded the nation’s for 12 consecutive months since April 2021.
The state’s total private sector employment increased by 496,600 (+6.5 percent) over the year in March 2022, 1.5 percentage points faster than the national growth rate of 5 percent.
In March 2022, Florida’s labor force grew by 3.2 percent (325,000) over the year and grew by 42,000 (+0.4 percent) over the month. As of March 2022, Florida employers have added jobs for 23 consecutive months since May 2020.
Florida Economic Indicators for March 2022 include:
• Unemployment rate is 3.2 percent, down 0.1 percentage point from the previous month’s rate and 0.4 percentage point lower than the national rate.
• Florida’s statewide unemployment rate has been lower than the national rate for 16 consecutive months, since December 2020. Florida’s statewide unemployment rate has declined or held steady for 20 consecutive months.
• Between March 2021 and March 2022, Florida’s labor force grew by 325,000, or 3.2 percent, faster than the national labor force growth rate of 2.4 percent over the year.
• Between March 2021 and March 2022, total private sector employment grew by 496,600 jobs (6.5%), faster than the national private sector job growth rate of 5.0 percent over the year.
• As of March 2022, Florida employers have added jobs for 23 consecutive months since May 2020. Florida’s private sector over-the-year job growth rate has exceeded the nation’s for 12 consecutive months since April 2021.
Private sector industries gaining the most jobs over the month were:
- Professional and Business Services with 9,400 new jobs.
- Manufacturing with 4,500 new jobs.
- Financial Activities with 4,200 new j ■
Predominant upper-level ridging stretching from the Southwest to the southern High Plains will allow for another day of record-breaking heat across parts of Nevada and Arizona today.