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The Atlanta Fed's SouthPoint offers commentary and observations on various aspects of the region's economy.

The blog's authors include staff from the Atlanta Fed's Regional Economic Information Network and Public Affairs Department.

Postings are weekly.


August 20, 2015

It's Mostly Sunny in Florida

20130910-0498-jacksonville
Jacksonville, Florida. Photo by Kendrick Disch

In a February SouthPoint post about economic conditions in north and central Florida, we reported that our contacts' optimism in late 2014 had carried into the new year. Since then, the Regional Economic Information Network team at the Jacksonville Branch has noted an overall improvement in activity and continued positive sentiment.

General business conditions continue firming
Feedback throughout the winter months was quite upbeat. Most contacts felt that an improving economy and labor market were driving growth. In early spring, although feedback remained positive, the messages became more mixed, with some contacts indicating a plateau in growth—most notably, transportation and retail contacts cited challenges from severe weather in various markets. However, bankers noted reasonable momentum with consumers and businesses; real estate contacts saw robust activity with increasing sales and prices at all price points; and homebuilders and commercial construction firms noted much stronger levels of activity. Tourism remained vibrant. Though the consumer inched along, restaurants reported revenue increases that they believe were the result of lower gas prices influencing discretionary spending. As spring progressed, activity continued along an upward, albeit slow, trajectory.

By midsummer, a small number of contacts reported demand was flat, and transportation contacts reported that activity—especially related to the movement of energy-related materials—declined notably since the first quarter. However, a majority of other contacts noted improved activity. Some began to add to capacity to meet increased demand—and, more importantly, anticipated future demand.

Employment largely stable
Throughout the first part of 2015, contacts continued to indicate no major problems in filling jobs outside of information technology (IT), accounting, compliance, and truck drivers. Staffing levels across firms generally remained steady, with some adding to headcount. Those hesitant to add staff turned to contingent labor (such as contract staff or temps) to meet demand. In late spring, we began to hear about increased turnover at many levels, and recruiting and retention appeared to be getting tougher. In central Florida, tourism contacts cited concerns of potential worker shortages as a result of a very low regional unemployment rate and increased construction attracting available labor.

Labor, nonlabor costs and price pressure surfacing
By March, mentions of mounting wage pressures at all job levels surfaced. Though not universally reported, numerous contacts said they were beginning to increase starting salaries, which they noted will eventually ripple through higher levels of staff to maintain internal pay equity and retain talent. Wages increased for engineers, truckers and technicians, and IT specialists. Into the summer, stories of referral and signing bonuses, customized perks, and other benefits enhancements for both recruitment and retention became more common.

Feedback on health care costs continued to be mixed. Health care costs for most increased at a pace greater than overall inflation, though companies continued to try to minimize the increases by changing plan designs or by sharing more of the cost with employees.

Overall, concerns about nonlabor costs were muted. Some mentioned lower energy and fuel costs have offset increases in other input costs.

The ability to raise prices varied among industries. However, a number of contacts indicated pricing power had improved, though the magnitude of price increases was limited. Generally, though, margins were edging up.

Credit, investment remain available
Throughout the first half of the year, credit was readily available and banking contacts reported increased activity. Many companies, especially small businesses, continued to deleverage even in the low interest rate environment, and many larger firms reported funding investments internally. Lenders reported increases in mortgage refinances as rates dipped, and they noted improved home equity levels. Auto lending was described as extremely strong.

Almost without exception, retail contacts noted expansion activity and further growth plans, all the result of expectations for stronger consumer spending. Real estate agents indicated that appraisal issues improved, and buyers, even the self-employed, generally faced little trouble financing home purchases. Stories regarding business investment were mixed between outlays for deferred projects and spending for new demand. This year, it's become clear that there is less hesitation about investment.

Business outlook mostly bright
Though we heard a couple of references to a cloudier outlook during the next two to three years as we approach another presidential election, collectively—and as recently as July—most REIN contacts and board members were as positive about current activity and future expectations as we have seen since the recession.

What's is in store for Florida in the second half of the year? Stay tuned.

By Chris Oakley, regional executive, and Sarah Arteaga, REIN director, both of the Atlanta Fed's Jacksonville Branch

May 19, 2015

Seeking the Slack

Where is the excess slack in the labor force?

Last week, the April Employment report from U.S. Bureau of Labor Statistics reported that the unemployment rate (U-3) edged down slightly to 5.4 percent (after rounding) over the prior month, which is well below the high of 10.0 percent in late 2009. Despite this encouraging improvement, wage growth remains low, and many agree that slack remains in the labor market. The consensus of the Federal Open Market Committee (FOMC) has been that more progress can be made, as noted in the Chair’s press conference in March. One factor we have been paying particular attention to here at the Atlanta Fed is excess slack in the labor market captured in the U-6 unemployment rate, which includes the unemployed, those who are working part-time but would prefer full-time employment (part-time for economic reasons, or PTER), and those who have stopped looking for work during the last 12 months but were willing to work (marginally attached).

Below is a chart showing the U-3 unemployment rate (depicted in blue) and the U-6 rate (in red). The difference between the two is often referred to as “the gap,” and this area shaded below in light red represents the excess slack in the labor force. Between 2000 and 2008 the gap averaged 3.7 percentage points but then rose to a high of 7.3 percentage points during the recession. Since late 2011, the gap has declined and was 5.4 percentage points in April, but it remains well above the usual amount of excess slack in the labor force experienced earlier in the decade. Earlier analysis by my Atlanta Fed colleague Pat Higgins identified a significant connection between U-6 and the subdued wage growth the economy has experienced in recent years.

Civilian-unemployment

Just as the U-3 unemployment rate varies widely across states, so too does U-6.

Below is a map that shows where the gap between U-6 and U-3 was greatest during the first quarter of 2015. States shaded in red have a gap higher than the United States overall, and states with a lower-than-average gap are shaded in green.

Twenty-one states are shaded red, and they are mostly concentrated along the West Coast, the Southeast, and the Great Lakes region. The gaps were largest in Arizona, Nevada, and California, respectively—the so-called Sand States—where the housing boom and bust were most dramatic.

The gap was below the U.S. average in 29 states and Washington, DC. Notably, the central part of the country is shaded green. The smallest gap is in North Dakota, South Dakota, and Wyoming, states that have benefited in recent years from a boom in mining activity or energy extraction.

Of course, a large or small gap relative to the U.S. average does not tell us if the gap is unusual. For example, the red states in the chart also tend to be states whose U-3 rate and U-6 rate are also above the U.S. averages.

A way to get a sense of whether the gaps are abnormally high is to compare the gap on a state-by-state basis with that state's average gap prior to the Great Recession. (Here, I use data from 2003 to 2007 to create a prerecession baseline for each state.) As the map below shows, most states remain above their prerecession average gap and are shaded red, although a few exceptions are shaded green and sit slightly below the prerecession average. Nevada and Arizona's gaps remain stubbornly high and actually worsened in the latest quarter.

Clearly, many states have a ways to go to attain the average labor market conditions they experienced prior to the Great Recession.

Photo of Whitney MancusoBy Whitney Mancuso, a senior economic analyst in the Atlanta Fed's research department

February 12, 2015

Southeastern Labor Market Continues Strengthening

December 2014 state-level labor market data from the U.S. Bureau of Labor Statistics reflected a strengthening labor market among Sixth District states, with a declining aggregate unemployment rate and solid job gains.

Unemployment rates decline, albeit modestly
The aggregate district unemployment rate in December was 6.2 percent, a 0.2 percentage point decline from the previous month and 0.5 percentage point lower than a year ago. Although higher than the 5.6 percent national figure, the aggregate rate continues to trend down. In fact, Florida matched the national unemployment rate in December and Alabama came very close (see the chart).

Unemployment-rates

The unemployment rate declined in nearly all southeastern states. Alabama's unemployment rate fell to 5.7 percent, and Florida's rate declined to 5.6 percent, the lowest level in nearly seven years for both states. At 6.9 percent, Georgia's unemployment rate continued on a downward path, as did Tennessee's, with an unemployment rate of 6.6 percent. For the second month in a row, Mississippi had the highest unemployment rate in the United States with 7.2 percent, a distinction the state has taken turns owning with Georgia since June 2014.

In Louisiana, the unemployment rate rose again (for the eighth straight month) to 6.7 percent in December. What's going on there? As I've mentioned a few times (here, here, and here), increases in the labor force are the driver of unemployment rate increases in the state, as opposed to people actually losing jobs on net. This isn't a bad thing, especially considering the state added more than 6,000 jobs in December (I'll discuss that shortly). Louisiana just added more people looking for work than the number of people who found work, hence the increase in unemployment. In fact, from January to December 2014, Louisiana's labor force grew by 4.8 percent (while the number of employed grew by just 2.8 percent). An increase like 4.8 percent may not seem like a big number, but when you look at the national figure of 0.4 percent during the same period, Louisiana's labor force growth stands out. National data released last week for the month of January told a similar story: the unemployment rate ticked up 0.1 percentage point to 5.7 percent from 5.6 percent in December, yet much of this increase can be attributed to labor force gains that outpaced gains in employment.

Payrolls also see modest growth
On net, the District added 47,400 jobs in December, and every state experienced positive job growth (see the chart). This contribution makes up 19 percent of the national payroll contribution of 252,000. On aggregate, the industries that contributed the most net jobs in the Sixth District were professional and business services (up 9,800), health care (up 8,300), and accommodation and food services (up 5,200).

Here are some key state-by-state payroll facts from the December report:

  • Alabama added 1,000 net payrolls. Much of the state's contributions were reduced by losses in the professional and business services sector (down by 2,400).
  • Florida added 12,700 jobs on net, mostly from the professional and business services (up 5,800) and health care (up 4,900) sectors.
  • Georgia contributed 14,100 net payrolls. Gains were widespread, yet the sector contributing the most jobs was health care (up 3,100).
  • Louisiana added 6,200 net payrolls. Gains were widespread in this state as well, though the biggest contributor was the accommodation and food services sector (up 1,600).
  • Employers in Mississippi added 900 net payrolls. Gains in the professional and business services sector (up 1,100) were reduced by losses in other sectors.
  • Tennessee employers added 12,500 net payrolls. The largest increases occurred in the goods-producing (up 5,300) and retail trade (up 2,400) sectors. employers added 12,500 net payrolls. The largest increases occurred in the goods-producing (up 5,300) and retail trade (up 2,400) sectors.

Contributions-to-change

Overall, the report was a sign of improving labor market conditions across the Sixth District states, a trend we hope to see continue into 2015.

By Rebekah Durham, economic policy analysis specialist in the New Orleans Branch of the Atlanta Fed

February 6, 2015

Florida's Economic Rebound Continues

During the last several months, business contacts in south Florida have been reporting improving economic conditions. They've discussed increased opportunities for capital expenditure projects, optimistic hiring plans, and a general upturn in business activity. This optimism made me wonder if the data on Florida's economic activity reflected what we've been hearing from our contacts in south Florida.

In November, coincident economic indicator, which measures overall economic activity, was 155.99 (see the chart). The index has been steadily improving since 2012. Although it has not yet reached its peak of 160.87 from February 2007, it seems to be within reach. While the November data for metro areas are not yet available, our South Florida business contacts recently indicated that the economy in south Florida continues to improve. Falling oil prices have not had a direct impact on businesses yet, though the general consensus is that oil's price decline is good for the consumer and consumer spending should improve if these lower prices are sustained.

chart-one

On the manufacturing front, the Southeast Purchasing Managers Index, which is produced by the Econometric Center at Kennesaw State University and measures regional manufacturing activity, declined to 54.1 in November (see the chart). However, with the exception of this past September, it has remained in expansionary territory since August 2012. (A reading above 50 indicates expansion in overall activity; a reading below 50 indicates a decline.)

chart-two

Regarding employment, payroll employment in Florida hit its trough in March 2007 and has been steadily increasing since then. In November, payroll employment in the state increased by 41,900 to 7.897 million employed, remaining slightly below the prerecession peak of 8.053 million (see the chart). South Florida business contacts, however, specifically report continued challenges in filling positions with specialized skills in technology, mathematics, engineering, management, and lending.

chart-three

While Florida's unemployment rate has a ways to go before reaching its prerecession low of 3.3 percent, it improved steadily from April 2012 through December 2013 and then plateaued at a little more than 6 percent for the first eight months of 2014 (see the chart). A downward trend in unemployment started in August of last year, reaching 5.8 percent in November. Anecdotally, we heard positive reports from contacts in the employment sector of an uptick in activity from employers using employment agencies to fill open positions.

chart-four

As you can see from the data above, overall economic activity continues to look promising in Florida, supporting the information we've been receiving from business contacts. Let's hope conditions remain accommodative and that our contacts continue to report good news.

By Marycela Diaz-Unzalu, a senior Regional Economic Information Network analyst at the Atlanta Fed's Miami Branch

August 20, 2015

It's Mostly Sunny in Florida

20130910-0498-jacksonville
Jacksonville, Florida. Photo by Kendrick Disch

In a February SouthPoint post about economic conditions in north and central Florida, we reported that our contacts' optimism in late 2014 had carried into the new year. Since then, the Regional Economic Information Network team at the Jacksonville Branch has noted an overall improvement in activity and continued positive sentiment.

General business conditions continue firming
Feedback throughout the winter months was quite upbeat. Most contacts felt that an improving economy and labor market were driving growth. In early spring, although feedback remained positive, the messages became more mixed, with some contacts indicating a plateau in growth—most notably, transportation and retail contacts cited challenges from severe weather in various markets. However, bankers noted reasonable momentum with consumers and businesses; real estate contacts saw robust activity with increasing sales and prices at all price points; and homebuilders and commercial construction firms noted much stronger levels of activity. Tourism remained vibrant. Though the consumer inched along, restaurants reported revenue increases that they believe were the result of lower gas prices influencing discretionary spending. As spring progressed, activity continued along an upward, albeit slow, trajectory.

By midsummer, a small number of contacts reported demand was flat, and transportation contacts reported that activity—especially related to the movement of energy-related materials—declined notably since the first quarter. However, a majority of other contacts noted improved activity. Some began to add to capacity to meet increased demand—and, more importantly, anticipated future demand.

Employment largely stable
Throughout the first part of 2015, contacts continued to indicate no major problems in filling jobs outside of information technology (IT), accounting, compliance, and truck drivers. Staffing levels across firms generally remained steady, with some adding to headcount. Those hesitant to add staff turned to contingent labor (such as contract staff or temps) to meet demand. In late spring, we began to hear about increased turnover at many levels, and recruiting and retention appeared to be getting tougher. In central Florida, tourism contacts cited concerns of potential worker shortages as a result of a very low regional unemployment rate and increased construction attracting available labor.

Labor, nonlabor costs and price pressure surfacing
By March, mentions of mounting wage pressures at all job levels surfaced. Though not universally reported, numerous contacts said they were beginning to increase starting salaries, which they noted will eventually ripple through higher levels of staff to maintain internal pay equity and retain talent. Wages increased for engineers, truckers and technicians, and IT specialists. Into the summer, stories of referral and signing bonuses, customized perks, and other benefits enhancements for both recruitment and retention became more common.

Feedback on health care costs continued to be mixed. Health care costs for most increased at a pace greater than overall inflation, though companies continued to try to minimize the increases by changing plan designs or by sharing more of the cost with employees.

Overall, concerns about nonlabor costs were muted. Some mentioned lower energy and fuel costs have offset increases in other input costs.

The ability to raise prices varied among industries. However, a number of contacts indicated pricing power had improved, though the magnitude of price increases was limited. Generally, though, margins were edging up.

Credit, investment remain available
Throughout the first half of the year, credit was readily available and banking contacts reported increased activity. Many companies, especially small businesses, continued to deleverage even in the low interest rate environment, and many larger firms reported funding investments internally. Lenders reported increases in mortgage refinances as rates dipped, and they noted improved home equity levels. Auto lending was described as extremely strong.

Almost without exception, retail contacts noted expansion activity and further growth plans, all the result of expectations for stronger consumer spending. Real estate agents indicated that appraisal issues improved, and buyers, even the self-employed, generally faced little trouble financing home purchases. Stories regarding business investment were mixed between outlays for deferred projects and spending for new demand. This year, it's become clear that there is less hesitation about investment.

Business outlook mostly bright
Though we heard a couple of references to a cloudier outlook during the next two to three years as we approach another presidential election, collectively—and as recently as July—most REIN contacts and board members were as positive about current activity and future expectations as we have seen since the recession.

What's is in store for Florida in the second half of the year? Stay tuned.

By Chris Oakley, regional executive, and Sarah Arteaga, REIN director, both of the Atlanta Fed's Jacksonville Branch

May 19, 2015

Seeking the Slack

Where is the excess slack in the labor force?

Last week, the April Employment report from U.S. Bureau of Labor Statistics reported that the unemployment rate (U-3) edged down slightly to 5.4 percent (after rounding) over the prior month, which is well below the high of 10.0 percent in late 2009. Despite this encouraging improvement, wage growth remains low, and many agree that slack remains in the labor market. The consensus of the Federal Open Market Committee (FOMC) has been that more progress can be made, as noted in the Chair’s press conference in March. One factor we have been paying particular attention to here at the Atlanta Fed is excess slack in the labor market captured in the U-6 unemployment rate, which includes the unemployed, those who are working part-time but would prefer full-time employment (part-time for economic reasons, or PTER), and those who have stopped looking for work during the last 12 months but were willing to work (marginally attached).

Below is a chart showing the U-3 unemployment rate (depicted in blue) and the U-6 rate (in red). The difference between the two is often referred to as “the gap,” and this area shaded below in light red represents the excess slack in the labor force. Between 2000 and 2008 the gap averaged 3.7 percentage points but then rose to a high of 7.3 percentage points during the recession. Since late 2011, the gap has declined and was 5.4 percentage points in April, but it remains well above the usual amount of excess slack in the labor force experienced earlier in the decade. Earlier analysis by my Atlanta Fed colleague Pat Higgins identified a significant connection between U-6 and the subdued wage growth the economy has experienced in recent years.

Civilian-unemployment

Just as the U-3 unemployment rate varies widely across states, so too does U-6.

Below is a map that shows where the gap between U-6 and U-3 was greatest during the first quarter of 2015. States shaded in red have a gap higher than the United States overall, and states with a lower-than-average gap are shaded in green.

Twenty-one states are shaded red, and they are mostly concentrated along the West Coast, the Southeast, and the Great Lakes region. The gaps were largest in Arizona, Nevada, and California, respectively—the so-called Sand States—where the housing boom and bust were most dramatic.

The gap was below the U.S. average in 29 states and Washington, DC. Notably, the central part of the country is shaded green. The smallest gap is in North Dakota, South Dakota, and Wyoming, states that have benefited in recent years from a boom in mining activity or energy extraction.

Of course, a large or small gap relative to the U.S. average does not tell us if the gap is unusual. For example, the red states in the chart also tend to be states whose U-3 rate and U-6 rate are also above the U.S. averages.

A way to get a sense of whether the gaps are abnormally high is to compare the gap on a state-by-state basis with that state's average gap prior to the Great Recession. (Here, I use data from 2003 to 2007 to create a prerecession baseline for each state.) As the map below shows, most states remain above their prerecession average gap and are shaded red, although a few exceptions are shaded green and sit slightly below the prerecession average. Nevada and Arizona's gaps remain stubbornly high and actually worsened in the latest quarter.

Clearly, many states have a ways to go to attain the average labor market conditions they experienced prior to the Great Recession.

Photo of Whitney MancusoBy Whitney Mancuso, a senior economic analyst in the Atlanta Fed's research department

February 12, 2015

Southeastern Labor Market Continues Strengthening

December 2014 state-level labor market data from the U.S. Bureau of Labor Statistics reflected a strengthening labor market among Sixth District states, with a declining aggregate unemployment rate and solid job gains.

Unemployment rates decline, albeit modestly
The aggregate district unemployment rate in December was 6.2 percent, a 0.2 percentage point decline from the previous month and 0.5 percentage point lower than a year ago. Although higher than the 5.6 percent national figure, the aggregate rate continues to trend down. In fact, Florida matched the national unemployment rate in December and Alabama came very close (see the chart).

Unemployment-rates

The unemployment rate declined in nearly all southeastern states. Alabama's unemployment rate fell to 5.7 percent, and Florida's rate declined to 5.6 percent, the lowest level in nearly seven years for both states. At 6.9 percent, Georgia's unemployment rate continued on a downward path, as did Tennessee's, with an unemployment rate of 6.6 percent. For the second month in a row, Mississippi had the highest unemployment rate in the United States with 7.2 percent, a distinction the state has taken turns owning with Georgia since June 2014.

In Louisiana, the unemployment rate rose again (for the eighth straight month) to 6.7 percent in December. What's going on there? As I've mentioned a few times (here, here, and here), increases in the labor force are the driver of unemployment rate increases in the state, as opposed to people actually losing jobs on net. This isn't a bad thing, especially considering the state added more than 6,000 jobs in December (I'll discuss that shortly). Louisiana just added more people looking for work than the number of people who found work, hence the increase in unemployment. In fact, from January to December 2014, Louisiana's labor force grew by 4.8 percent (while the number of employed grew by just 2.8 percent). An increase like 4.8 percent may not seem like a big number, but when you look at the national figure of 0.4 percent during the same period, Louisiana's labor force growth stands out. National data released last week for the month of January told a similar story: the unemployment rate ticked up 0.1 percentage point to 5.7 percent from 5.6 percent in December, yet much of this increase can be attributed to labor force gains that outpaced gains in employment.

Payrolls also see modest growth
On net, the District added 47,400 jobs in December, and every state experienced positive job growth (see the chart). This contribution makes up 19 percent of the national payroll contribution of 252,000. On aggregate, the industries that contributed the most net jobs in the Sixth District were professional and business services (up 9,800), health care (up 8,300), and accommodation and food services (up 5,200).

Here are some key state-by-state payroll facts from the December report:

  • Alabama added 1,000 net payrolls. Much of the state's contributions were reduced by losses in the professional and business services sector (down by 2,400).
  • Florida added 12,700 jobs on net, mostly from the professional and business services (up 5,800) and health care (up 4,900) sectors.
  • Georgia contributed 14,100 net payrolls. Gains were widespread, yet the sector contributing the most jobs was health care (up 3,100).
  • Louisiana added 6,200 net payrolls. Gains were widespread in this state as well, though the biggest contributor was the accommodation and food services sector (up 1,600).
  • Employers in Mississippi added 900 net payrolls. Gains in the professional and business services sector (up 1,100) were reduced by losses in other sectors.
  • Tennessee employers added 12,500 net payrolls. The largest increases occurred in the goods-producing (up 5,300) and retail trade (up 2,400) sectors. employers added 12,500 net payrolls. The largest increases occurred in the goods-producing (up 5,300) and retail trade (up 2,400) sectors.

Contributions-to-change

Overall, the report was a sign of improving labor market conditions across the Sixth District states, a trend we hope to see continue into 2015.

By Rebekah Durham, economic policy analysis specialist in the New Orleans Branch of the Atlanta Fed

February 6, 2015

Florida's Economic Rebound Continues

During the last several months, business contacts in south Florida have been reporting improving economic conditions. They've discussed increased opportunities for capital expenditure projects, optimistic hiring plans, and a general upturn in business activity. This optimism made me wonder if the data on Florida's economic activity reflected what we've been hearing from our contacts in south Florida.

In November, coincident economic indicator, which measures overall economic activity, was 155.99 (see the chart). The index has been steadily improving since 2012. Although it has not yet reached its peak of 160.87 from February 2007, it seems to be within reach. While the November data for metro areas are not yet available, our South Florida business contacts recently indicated that the economy in south Florida continues to improve. Falling oil prices have not had a direct impact on businesses yet, though the general consensus is that oil's price decline is good for the consumer and consumer spending should improve if these lower prices are sustained.

chart-one

On the manufacturing front, the Southeast Purchasing Managers Index, which is produced by the Econometric Center at Kennesaw State University and measures regional manufacturing activity, declined to 54.1 in November (see the chart). However, with the exception of this past September, it has remained in expansionary territory since August 2012. (A reading above 50 indicates expansion in overall activity; a reading below 50 indicates a decline.)

chart-two

Regarding employment, payroll employment in Florida hit its trough in March 2007 and has been steadily increasing since then. In November, payroll employment in the state increased by 41,900 to 7.897 million employed, remaining slightly below the prerecession peak of 8.053 million (see the chart). South Florida business contacts, however, specifically report continued challenges in filling positions with specialized skills in technology, mathematics, engineering, management, and lending.

chart-three

While Florida's unemployment rate has a ways to go before reaching its prerecession low of 3.3 percent, it improved steadily from April 2012 through December 2013 and then plateaued at a little more than 6 percent for the first eight months of 2014 (see the chart). A downward trend in unemployment started in August of last year, reaching 5.8 percent in November. Anecdotally, we heard positive reports from contacts in the employment sector of an uptick in activity from employers using employment agencies to fill open positions.

chart-four

As you can see from the data above, overall economic activity continues to look promising in Florida, supporting the information we've been receiving from business contacts. Let's hope conditions remain accommodative and that our contacts continue to report good news.

By Marycela Diaz-Unzalu, a senior Regional Economic Information Network analyst at the Atlanta Fed's Miami Branch