Central Florida’s unemployment rate dips to 3.4 percent in August

 The unemployment rate in the CareerSource Central Florida region (Lake, Orange, Osceola, Seminole, and Sumter counties) was 3.4 percent in August, officials said.

 This rate was 0.6 percentage point lower than the region's year ago rate of 4 percent. The region's August 2018 unemployment rate was 0.4 percentage point lower than the state rate of 3.8 percent. The labor force was 1,378,589, up 40,017 (3) over the year. There were 47,402 unemployed residents in the region.

• The unemployment rates for the five counties that comprise the Central Florida region were: Lake County (3.6 percent), Orange County (3.3 percent), Osceola County (3.8 percent), Seminole County (3.3 percent), and Sumter County (5.5 percent).

  “As another hot summer comes to a close, the Central Florida jobs market really starts to heat up with the approaching holiday season. Retail, hospitality/leisure, and transportation and logistics industries should benefit the most from increased consumer confidence – with increased spending comes a need for more seasonal positions in everything from sales to culinary to product delivery, and all the support services associated with these high-growth industries,” said CareerSource Central Florida President/CEO Pamela Nabors. “It’s a testament to the strength of Central Florida’s economy that even during the slower summer months, Central Florida led the state in jobs growth for leisure and hospitality, professional and business services, and construction.”

  • In August 2018, nonagricultural employment in the Orlando-Kissimmee-Sanford MSA was 1,298,700, an increase of 51,700 jobs (4.1 percent) over the year.

  • The Orlando-Kissimmee-Sanford MSA had the fastest annual job growth rate compared to all the metro areas in the state in other services (6.8 percent) in August 2018.

  • The Orlando-Kissimmee-Sanford MSA had the highest annual job growth compared to all the metro areas in the state in leisure and hospitality (12,300 jobs); professional and business services (11,000 jobs); mining, logging, and construction (8,600 jobs); and other services (3,000 jobs) in August 2018.

  • The Orlando-Kissimmee-Sanford MSA was tied for the second fastest annual job growth rate compared to all the metro areas in the state in mining, logging, and construction (+11.5 percent) in August 2018.

  • The Orlando-Kissimmee-Sanford MSA had the second fastest annual job growth rate compared to all the metro areas in the state in manufacturing (9.2 percent) in August 2018.

  • The Orlando-Kissimmee-Sanford MSA had the second fastest annual job growth compared to all the metro areas in the state in education and health services (6,100 jobs); manufacturing (4,100 jobs); and trade, transportation, and utilities (4,100 jobs) in August 2018.

• The mining, logging, and construction (11.5 percent); manufacturing (9.2 percent); other services (6.8 percent); professional and business services (5.1 percent); leisure and hospitality (4.8 percent); education and health services (4 percent); trade, transportation, and utilities (1.8 percent); and government (0.2 percent) industries grew faster in the metro area than statewide over the year.

• The industries gaining in jobs over the year were: leisure and hospitality (12,300 jobs); professional and business services (11,000 jobs); mining, logging, and construction (8,600 jobs); education and health services (6,100 jobs); manufacturing (4,100 jobs); trade, transportation, and utilities (4,100 jobs); other services (3,000 jobs); financial activities (2,300 jobs); and government (200 jobs).