Florida TaxWatch Economic Commentary
The unemployment rate is not the whole story
Florida's unemployment rate of 5 percent is good news, but not the whole story. An underlying factor that determines whether the job market is truly positive is the labor force participation rate (LFPR).
While the labor force participation rate may be overlooked it is a key metric when examining the health of the Florida job market. While it is great that the unemployment rate has been in steady decline since the Great Recession, the decline in the labor force participation rate shows that the percentage of Floridians competing in the job market is actually at a 32 year low. Understanding what the labor participation rate is and how it relates to the overall job market is key to understanding the true strength of the Florida job market and economy.
Economic Commentary written by
Kyle Baltuch, MS, Economist
Robert Weissert, Executive VP & Counsel to the President & CEO
Robert D Cruz, Ph.D.,, Chief Economist
Chris Barry, Director of Publications
Michelle A. Robinson, Chairman of the Board of Trustees, Florida TaxWatch
Senator George LeMieux, Advisory Board Chairman, Center for Competitive Florida
Dominic M. Calabro, President, CEO, Publisher & Editor
Florida TaxWatch Research Institute, Inc.