Jacksonville Sees Slight Rise in Unemployment Rates
Jacksonville, Florida, experienced a small increase in its unemployment rate for November, as reported by the Florida Department of Commerce on December 20. The jobless rate in the Jacksonville metropolitan area, which includes Baker, Clay, Duval, Nassau, and St. Johns counties, rose from 3.5% in October to 3.6% in November. This average reflects a wider trend in the job market, as job growth continues to be sluggish.
Job Market Overview
From November 2023 to November 2024, nonfarm businesses in Northeast Florida added 12,400 jobs, marking a growth rate of 1.5%. This rate has shown a slight uptick from the 1.2% growth rate noted in October, but it remains significantly lower than growth rates that exceeded 3% a year prior. All five counties in the Jacksonville metro area reported increases in their unemployment rates, indicating a cooling down of the local labor market.
County-Specific Data
In Duval County, the unemployment rate rose by 0.1 percentage point to reach 3.6%. Meanwhile, Nassau and St. Johns counties recorded rates of 3.4%, Clay matched Duval at 3.6%, and Baker County’s rate was the highest at 3.8%.
Industry Insights
According to the Department of Commerce’s payroll survey, the job landscape in Jacksonville is mixed across different industries. Notably, the financial activities sector faced significant losses, shedding approximately 3,000 jobs, or a decline of 3.9% over the past year. Similarly, the combined sectors of administrative support, waste management, and remediation services experienced a loss of 2,200 jobs, translating to a 3.8% decline.
Areas of Growth
Despite these setbacks in certain sectors, the job market was buoyed by gains in some areas. The private education and health services sector reported the most substantial growth, adding 6,600 jobs or a robust 5.1% increase. In addition, the construction industry added 2,500 jobs, equating to a growth rate of 4.8%. The leisure and hospitality sector also showed positive signs, contributing an additional 2,500 jobs, marking a growth of 2.7%.
Comparison with Statewide Trends
Jacksonville’s growth rate is currently lagging behind Florida’s statewide growth of 1.7%. For the state as a whole, the unemployment rate increased by 0.1 percentage point to reach a seasonally adjusted 3.4% in November. It is important to note that the Department of Commerce does not adjust the local unemployment rates for seasonal variables in its monthly reports.
Conclusion
The data from November reveals that while Jacksonville’s job market continues to grow, it is doing so at a noticeably slower pace compared to previous years. With mixed signals across various sectors and an uptick in unemployment rates, residents and policymakers alike will closely monitor these trends as they seek to understand the outlook for the local economy in the months ahead.
