Jacksonville’s unemployment rate dropped almost to its pre-pandemic level in November and was the lowest of any major metro area in Florida.
The jobless rate in the Jacksonville metropolitan area of Duval, Baker, Clay, Nassau and St. Johns counties fell from 3.7% in October to 3.3% in November, the Florida Department of Economic Opportunity reported Dec. 17.
That was the lowest level since the unemployment rate was 3.2% in February 2020, the month before the coronavirus pandemic began causing business shutdowns.
The state agency does not adjust the Jacksonville data for seasonal factors. The University of North Florida’s Local Economic Indicators Project said when it is seasonally adjusted, it shows the rate falling from 3.82% in October to 3.31% last month.
UNF economist Albert Loh said the tightening labor market is putting upward pressure on wages.
“While the low unemployment rate and increasing labor compensation sound good, we need to be cautious for several reasons,” he said.
“As the duration of inflation prolongs, workers, who are also consumers, may feel a decline in real earnings,” he said.
Loh also said businesses will continue to face pressure in employee retention and recruiting, creating logistical challenges.
Duval County’s unemployment rate fell by 0.4 percentage points to 3.6% in November, higher than the other four counties in the metro area that ranked among the lowest jobless rates in the state.
St. Johns County’s 2.6% jobless rate was second-lowest behind Monroe County’s 2.2%. Nassau County was tied for third-lowest at 2.9% and Clay County was close behind at 3%. Baker County was at 3.2%.
However, two counties near Jacksonville but outside of the metro area had the highest rates in the state. Putnam County’s jobless rate was 5.4% and Hamilton County was at 5.1%.
Florida’s seasonally adjusted unemployment rate fell by 0.1 point to 4.5%, the Department of Economic Opportunity said.
Jacksonville nonfarm businesses added 9,100 jobs in November and their payrolls increased by 32,800 to 753,000 from November 2020 through November 2021, a 4.6% gain.
Every major industry sector added jobs in the 12-month period with the biggest gain coming in trade, transportation and utilities, which grew by 7,900, or 5%.
Professional and business services added 6,800 jobs, or 6%, and leisure and hospitality added 5,300, or 7%.
Construction jobs declined in November but were still 3,000 higher than November 2020, a 6.4% gain.
