In May 2022, Florida’s unemployment rate decreased by 1.9% over the year to 3.0% and continues to remain below the national rate, which is currently 3.6%.
Florida’s unemployment rate has remained below the national rate for 18 consecutive months and has declined or held steady for 22 consecutive months. The Biden administration announced that, as of midnight on June 12th, international travelers coming to the United States will no longer need a negative COVID-19 test to get into the country. Thus, we expect that leisure travel could hit an all-time high this summer.
The Orlando area gained the highest number of private-sector jobs among all Florida metro areas over the year in May 2022 and had the fastest private-sector over-the-year job growth rate. The Orlando area added 90,300 new private-sector jobs, increasing by 8.0% over the year. In May 2022, the Orlando area’s unemployment rate was 2.7%, down from 5.3% reported in May 2021. The industries gaining the most jobs were leisure and hospitality, increasing by 44,900; trade, transportation, and utilities increasing by 19,300; and professional and business services increasing by 17,700.