If the state’s four major economic indicators, three improved and one worsened during the quarter. Non-agricultural employment was up 0.8 percent. The value of building permits, which reflect construction plans, gained 0.4 percent, and the average manufacturing workweek increased to 42.2 hours. New claims for unemployment benefits increased 0.5 percent for the quarter.
Nationally, non-agricultural employment improved 0.1 percent in the third quarter. During the past 12 months, non-agricultural employment has risen 4.2 percent in Florida, while the number of new jobs grew 2.1 percent for the nation.
Florida manufacturing employment was up 0.1 percent during the third quarter. Employment was higher in the transportation equipment, printing and electrical machinery sectors. The non-electrical machinery, lumber, textile, apparel and food processing sectors reported lower employment.
Non-manufacturing employment gained 0.9 percent in the quarter. The wholesale/retail trade, government, services and contract construction sectors all reported gains in employment during the third quarter.
Florida’s seasonally adjusted unemployment rate for the third quarter averaged 3.7 percent, down 0.1 of a percentage point from a revised figure for the second quarter of 2000. The national rate was 4 percent, unchanged from the previous quarter.
The Wachovia Florida Business Index measures the state’s economic activity quarterly. Using 1987 as a base of 100, the index reflects changes in the real value of goods and services produced in the state. Data are adjusted to smooth the effects of historical seasonal fluctuations and other statistical aberrations.
