Jacksonville’s unemployment rate rose in July on a seasonally adjusted basis and job growth slowed down, although the overall data for the labor market remained healthy.
The unemployment rate for the Jacksonville metropolitan area, comprising Duval, Baker, Clay, Nassau and St. Johns counties, was unchanged at 4.3 percent last month, the Florida Department of Economic Opportunity reported Friday.
However, the state agency does not adjust its regional data for seasonal factors and when the data is adjusted, it shows a slight increase in the jobless rate from 3.95 percent in June to 4.27 percent in July, according to the University of North Florida’s Local Economic Indicators Project.
Likewise, Duval County’s unemployment rate was unchanged at 4.6 percent last month without adjustments, the state agency said. But LEIP said on a seasonally adjusted basis, the rate rose from 4.13 percent to 4.51 percent.
A separate monthly survey of non-farm business payrolls by the state agency showed the Jacksonville area increased jobs by 17,700 from July 2016 through July 2017, a 2.7 percent growth rate.
That’s lower than the June survey which showed a gain of 23,600 jobs over 12 months, a 3.6 percent growth rate.
“The Fed increased interest rates in June,” said UNF economist Albert Loh. “That may have slowed down business hiring plans in July.”
However, Loh said July changes in the data are “not of much concern,” because the unemployment rate remains relatively low.
“The job market is still looking pretty good,” he said.
Although job growth slowed last month, almost every industry sector continued to increase jobs.
The one exception was the professional and technical services sector, which dropped by 2.6 percent in the 12 months through July.
The best growth came in the category of “other services,” which rose 6.3 percent, followed by administrative and waste services, up 5.3 percent.
The Department of Economic Opportunity said Florida’s statewide unemployment was unchanged in July at a seasonally adjusted 4.1 percent.
The statewide job growth rate was the same as Jacksonville’s at 2.7 percent.