The area lost 20,300 jobs over the past year — the fourth-biggest loss nationwide among larger metro areas. Local unemployment is up 1.9 percentage points since May 2007, bringing the rate to 5.6 percent, an uptick that's among the most rapid when compared to similar markets around the country.
But don't worry too much, experts say. The job market isn't crashing, just coming down from a Cloud 9 built on double-digit growth in construction and real estate during recent years.
While the latest comparative unemployment numbers released Tuesday by the U.S. Bureau of Labor Statistics reveal that professions like construction are still in a rut, other fields around Tampa Bay aren't doing as poorly. Some are even growing.
"The state has been doing so well for so long, at some point it has to come back down to earth and be a little more normal," said Kevin Klowden, a managing economist with the Milken Institute. "Florida's shift is more that it was booming, and now it's not booming. That doesn't mean Florida is falling into a massive recession."
The job market
Where is the bay area adding jobs? Education and health services, up 2.5 percent; leisure and hospitality, up 1 percent; and government agencies, up 1.4 percent.
Where is it losing jobs? Information technology jobs, off 5.2 percent, and manufacturing, down 4.6 percent.
Who's suffering more? In Michigan, the unemployment rate climbed 1.6 percentage points to 8.3 percent, and California saw a 1.5 percent rise since last year to 6.5 percent.
Who's doing better? In Texas, the unemployment rate remained flat, while areas like Houston, Austin and San Antonio saw job growth of more than 2 percentage points.
Why? A less volatile housing market, and an expanding energy sector.
Source: U.S. Bureau of Labor Statistics, unemployment statistics from May 2007 to May 2008
[Last modified: Jul 10, 2008 08:43 PM]
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