Make us your home page
Instagram

Today’s top headlines delivered to you daily.

(View our Privacy Policy)

Q&A: High jobless rate just one sign of Florida's bad economy Q&A: High jobless rate just one sign of Florida's bad economy

Indicators of bad economy

We've seen the Florida unemployment rate, but we're wondering if there are other indicators of how bad the economy is here.

The unemployment rate is the best place to start to show how badly things are going in Florida.

Florida's unemployment rate in September was 11.9 percent. The national rate is 9.6 percent. In the Tampa Bay area, the unemployment rate was 12.4 percent.

That 11.9 percent is down from the high of 12.3 the state recorded in March, but it's still the fourth-worst in the United States. Only Nevada (14.4 percent), Michigan (13 percent) and California (12.4 percent) were worse. Hard to believe it has been less than four years since the state's lowest jobless rate: 3.3 percent in May 2006.

Here are a few other indicators that help tell Florida's story:

• Florida is fourth in the nation for the increase in unemployment between September 2009 and September 2010.

• Florida is second in the nation in foreclosure rates, with almost 10 percent of the nation's total.

• State property values have fallen for three consecutive years. In Pinellas, the decline was almost 15 percent this year.

• Florida had the seventh-worst percentage change in food-stamp recipients between July 2009 and July 2010. Almost 2 million Floridians use food stamps.

Payments aren't on credit report

Seven years ago I bought a home for cash, and I later went to a mortgage broker and took out a loan for $75,000, hoping to pay it off quickly and improve my credit rating. I recently went to refinance and found that the payments I am making are not on my credit report — the mortgage company says it doesn't report the payments. Can I force it to report it?

Most lenders do report loan and payment data to one or all of the three credit reporting agencies — TransUnion, Equifax and Experian. But there is no law that requires a lender to share information with these private companies, and no way to demand a report be submitted.

The federal Fair Credit Reporting Act sets the rules for what sort of information must be reported and how often it should be updated if a lender takes part in the voluntary reporting system, said Norm Magnusen of the Consumer Data Industry Association, a trade group.

Some small companies may decide not to report to the agencies if they have a low volume of loans, he suggested, because there is an expense involved in doing so. Borrowers who want their payment history added to their credit reports should ask the lender if it reports to one or more agencies before accepting the loan.

The information on a credit report is used to determine a credit score. Everyone is entitled to a free annual credit report from each agency. See www.annualcreditreport.com for details.

Q&A: High jobless rate just one sign of Florida's bad economy Q&A: High jobless rate just one sign of Florida's bad economy 11/15/10 [Last modified: Tuesday, November 1, 2011 5:27pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Inside the Rays continuing historically bad slump

    Blogs

    The numbers tell the story of the Rays inexplicable ongoing offensive slump, and the words detail how tough it has been to deal with.

  2. How Rays' Chris Archer is branching out on Twitter

    The Heater

    ST. PETERSBURG — Rays RHP Chris Archer has made a name for himself on the mound. And at a time when some athletes work to steer clear of any issue with a tint of controversy for fear it could damage their brand, Archer has used that platform to weigh in on some topical social, political and news events.

    Tampa Bay Rays pitcher Chris Archer (22) leans on the railing of the dugout during the All-Star game at Marlins Park in Miami, Fla. on Tuesday, July 11, 2017. WILL VRAGOVIC   |   Times

  3. Candidates for governor get emotional talking about their gay siblings

    Blogs

    Occasionally in today's hyper-rehearsed and contrived world of political campaigns one witnesses moments that are so honest and real, we can't help but understand we're not just listening to another politician give his or her stump speech; We're listening to a human being who understands personal pain at least as well …

    Chris King talking to reporters in Tallahassee
  4. Southern heritage groups sue to keep Confederate monument at old Tampa courthouse

    Local Government

    TAMPA — Groups that say they support Southern heritage filed a lawsuit late Friday trying to halt the removal of a Confederate statue from downtown Tampa.

    Workers place boards around a Confederate monument on Hillsborough County property in Tampa on Thursday, August 17, 2017. It took 24 hours to raise private funds in order to move the statue from its current location.
  5. Bucs mull options at right tackle as Dotson awaits MRI

    Bucs

    Right tackle Demar Dotson, the Bucs' most experienced offensive lineman, will undergo an MRI on his injured groin Saturday, three weeks before the season opener.

    Tampa Bay Buccaneer Demar Dotson, offensive tackle, brought his coffee and breakfast to One Buc Place, 7/31/15, as he reported to training camp.