Polk County in three-way tie statewide for job growth in several job sectors
The unemployment rate in Polk County was 3% percent in May, which was 2.5% lower than the region's year ago rate of 5.5%, according to state figures released by CareerSource Polk.
According to the Florida Department of Economic Opportunity, the region's May unemployment rate was a 0.5% higher than the state rate of 2.5%, according to a release. The number of people working or looking for work was 336,017. That figure was up by 9,647 people over the year. The region, meanwhile, had 10,162 residents collecting unemployment.
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Nonagricultural employment in the Lakeland-Winter Haven metropolitan area was 262,500, an increase of 10,000 jobs over the year.
Among the fastest growing job sectors in Polk County were in information at 10.5%, the professional and business services at 6.9% and education and health services at 4% - industries that grew faster in the metro area compared to statewide data over the year.
The numbers for the Lakeland-Winter Haven region also tied for the third fastest annual job growth rate compared to all the statewide metro areas in the state in information at 10.5% and professional and business services at 6.9% in May 2022.
Industries gaining in jobs over the year:
Trade, transportation, and utilities with 3,000 more jobs
Leisure and hospitality with 2,500 more jobs
Professional and business services with 2,400 more jobs
Education and health services with 1,400 more jobs
Financial activities with 400 more jobs
Other services with 400 more jobs
Information with 200 more jobs
Manufacturing with 100 more jobs
The government industry was unchanged over the year with mining, logging, and construction losing 400 jobs since May 2021.
Along with statewide data for May released Friday, DEO Secretary Dane Eagle announced Florida employers had added jobs for the 25th consecutive month. Further, Florida’s unemployment rate has remained below the national rate for 18 consecutive months and has declined or held steady for 22 consecutive months, a DEO release said.
The over-the-year labor force growth rate hit 3% as 313,000 workers were added to payrolls statewide. Florida beat the U.S. workforce growth rate, which was 2.2%, the DEO said.
Florida’s labor force grew by 0.5% adding 49,000 employees over the month, also outpacing the national over-the-month growth rate of 0.2 percent. Florida’s over-the-year private sector job growth rate has exceeded the nation’s for 14 consecutive months, the DEO said.
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Statewide, private sector jobs increased the most in professional and business services with 8,600 jobs added, manufacturing added 4,300 jobs, leisure and hospitality gained 2,300 jobs while the trade, transportation and utilities industries hired 1,800 new workers.
"Data in the month of May continues to indicate that there are many job opportunities available for Floridians throughout the state, with more than 499,000 jobs posted online," the DEO said.
The impact of much higher inflation is not reflected in the latest job figures, but a June 10 Tweet by Sean Snaith, economist and director of UCF’s Institute for Economic Forecasting, said "Inflation at 8.6% year over year in May. Up from the April reading of 8.3%. The economic outlook is growing dimmer."
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Snaith first wrote about the headwinds Florida's post-pandemic economy is facing in an April report entitled, "Metro Forecast: Florida Economy Must Weather ‘Monetary Policy Hurricane’ to Avoid Recession." In it he wrote, "Florida’s economic recovery must weather a “monetary policy hurricane” as the Federal Reserve raises interest rates and shrinks its balance sheet."
"With the Federal Reserve making its first interest rate hike in three years in March, the Institute for Economic Forecasting predicts the 0.25% increase will be the first of many," he added. “The Fed has not one, but two tightropes it must cross as it begins to tighten monetary policy: the raising of interest rates and the paring down of its now massive balance sheet."
Paul Nutcher covers business and industry for The Ledger. He can be reached at pnutcher@gannett.com.
This article originally appeared on The Ledger: Polk County sees dip in unemployment, three percent in May
