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Posted: 9:08 PM Oct 16, 2009
Florida Job Losses Grow to Over One Million Unemployed
The state’s unemployment hit 11 percent in September, and for the first time in the state’s history, more than one million people are unemployed and looking for work. The rate of job loss is slowing, but there are still far more people looking for jobs, than there are jobs.
Reporter: Mike Vasilinda |
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18 thousand more Floridians lost their jobs in September. One of them was Isaac Cuyler.
“I’m hurting...financially”.
Since January, 360 thousand Florida jobs have disappeared. Labor economist Rebecca Rust say job creation remains stagnant.
“And when you look at the number of unemployed in Florida, compared to the number of ads, it’s about five to one. There’s five unemployed for every job opening reported on the internet.”
New numbers also show that nearly one in five with jobs are underutilized. That means they’re over qualified for the job they took. One good sign this month is that state revenues are above expectations, suggesting that people are starting to spend again.
Revenue collections and consumer confidence are up two months running and the foreclosure rate is falling. Still, Dominic Calabro of Florida TaxWatch says it’s too soon to say a recovery is underway.
“You know Mike, this is very encouraging news, but we’ve got a very, very steep incline to get out of so, we need every bit of good news we can get.”
Florida’s unemployment rate was seven tenths of a percent higher in 1975, but never before have more than one million Floridians been out of work.
Florida ran out of money to pay claims in August, and has already borrowed more than 464 million to pay claims. Since the first of the year, more than four billion dollars has been paid to the unemployed.
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