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The state's unemployment rate in September 2018 was 3.5% and ranked as the 18th lowest in the United States. [21] Florida is one of seven states that does not impose a personal income tax. [22] In 2017, Florida had a personal income of $1,000,624,065,000. This personal income ranked 4th in the United States. [20]
In December 2020, DeSantis ordered the Florida Department of Economic Opportunity to extend unemployment waivers until February 27, 2021. [41] Florida saw fast economic growth in 2022 and 2023, together with a record state budget surplus. [42] [43] Since May 2022, Florida's unemployment rate has sat around two percent, below the national average.
Unemployment insurance is funded by both federal and state payroll taxes. In most states, employers pay state and federal unemployment taxes if: (1) they paid wages to employees totaling $1,500 or more in any quarter of a calendar year, or (2) they had at least one employee during any day of a week for 20 or more weeks in a calendar year, regardless of whether those weeks were consecutive.
That's still lower than the national rate of 4.2%. Out of a labor force of more than 11 million, there were 376,000 Floridians without jobs. The state's workforce participation rate was 57.7% ...
As unemployment surged during the early weeks of the coronavirus outbreak in the U.S., Florida ranked at or near the bottom of all states in its speed of processing those claims, federal data shows.
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The unemployment rate for October rose slightly due to population growth and other factors leading to 35,000 people looking for work, even though 24,500 jobs were created.
The government's broader U-6 unemployment rate, which includes the part-time underemployed was 8.3% in September 2017. [8] [9] Both of these rates fell steadily from 2010 to 2019; the U-3 rate was below the November 2007 level that preceded the Great Recession by November 2016, while the U-6 rate did not fully recover until August 2017. [4] [8]