Florida Unemployment Rate
Unemployment Rate Volatile July 2012 Numbers Indicate Port St. Lucie, West Palm Beach, and Vero Beach impacted more severely.
A recent evaluation of the Statistics released from the Bureau of Labor Statistics revealed some interesting information for the local area.
Bureau of Labor Statistics (BLS) for the metropolitan areas of Port St. Lucie, Sebastian-Vero Beach, and West Palm Beach – Boca Raton – Boynton Beach (SMA) indicate a continuing volatile employment market vs. the overall State unemployment average. According to the preliminary data published by the BLS on September 14, 2012, the unemployment rate for the State of Florida increased from 8.6% in June, 2012 to 8.8% in July of 2012. The preliminary July 2012 unemployment rates for Port St. Lucie, the West Palm Beach (SMA) and Sebastian-Vero Beach were 11.7%, 9.8%, and 12.2%, respectively. All well above the state unemployment rate by at least a full percentage point or more. The magnitude of the change in the unemployment rates not only diverge quantitatively the rates indicate a disparate local impact through the month to month percent change for the metropolitan rates themselves vs. the rate change for the State of Florida average. While the preliminary numbers for the State of Florida reported an overall increase in unemployment of .2% between June and July of 2012, the preliminary percentage change/increases in the rates of unemployment between June and July 2012 for Port St. Lucie, the West Palm Beach (SMA) and Sebastian-Vero Beach were .8%, .6%, and .8%, respectively. These numbers indicate a significant deviation from the State Increase (as much as 4X).
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