Drew Dixon
New unemployment claims dropped significantly to close out May in Florida.
The U.S. Department of Labor (DOL) reports there were 5,523 first-time jobless benefits filings in the state for the week ending May 31. That’s down by 1,631 claims from the week ending May 24, when there were 6,969 new unemployment filings.
The most recent unemployment claims report includes one of the biggest drops in filings this year. The previous week saw one of the largest increases.
Most weeks this year have seen declines in new claims.
The latest Florida figures reflect the national report. DOL officials say there were 208,642 new jobless filings, which is a decrease of 3,128 claims from the week ending May 24, or a 1.5% drop across America before seasonal adjustments.
While the national decrease is a positive development, DOL economists had expected a larger decline. Analysts projected new unemployment claims would fall by 10,505, or a 5% drop.
The year-over-year comparison isn’t as upbeat. There were 196,177 initial jobless filings for the same comparable week in May 2024. That’s 12,465 fewer claims than reported in the latest DOL analysis.
Florida has maintained a lower overall unemployment rate compared to the national figure for years. But the jobless rate has been steadily increasing for most months this year.
The April jobless figure came in at 3.7%, according to FloridaCommerce, the state’s jobs and business development bureau. That was an uptick from the March rate of 3.6%.
The year started off with an increase in the unemployment figure, as January saw a 3.5% rate, up from December’s figure of 3.4%.
April’s jobless figure was also up notably in the year-over-year comparison when Florida had a 3.2% unemployment rate in April 2024. FloridaCommerce is expected to release the May unemployment rate within the next few weeks.
Regardless of the fluctuation, Florida’s unemployment rate has remained lower than the national figure for 54 consecutive months. The current national jobless rate is 4.2%.
