After a debilitating recession from 2007 to 2009 that cost thousands of people their jobs, Florida is again among the national leaders in job creation at the halfway mark of 2016, according to the latest Economic Commentary by Florida TaxWatch.
Florida’s unemployment rate is down almost half from the peak of 11.1 percent during the Great Recession. While the state’s current unemployment rate of 5 percent is good news, the number doesn’t tell the whole story. An underlying factor that determines whether the job market is truly positive is the labor force participation rate (LFPR). The LFPR is the percentage of able-bodied adults aged 16 and over who are either employed or looking for a job. It is considered a more accurate representation of what really is occurring in the job market.
One key metric that is widely overlooked in the unemployment rate discussion is the labor force participation rate (LFPR), which measures the percentage of the total population aged 16 and above who are currently employed or are unemployed and actively seeking employment. While overlooked, the LFPR is one of the most important metrics to understanding the overall landscape of the job markets.
Florida’s elected lawmakers put fewer secret spending projects into the budget in the waning days of this Legislative session, but improvements are still needed to guarantee taxpayers have full openness, transparency and accountability when lawmakers spend their money.
With more than‚Ä? ‚Ĩ100,000‚Ä? ‚Ĩinmates‚Ä? ‚Ĩbehind bars,‚Ä? ‚ĨFlorida’s correctional population is among the largest in the United States. One of the primary causes for the high population is that more than two-thirds of offenders are re-arrested and‚Ä? ‚Ĩmore than one-in-four‚Ä? ‚Ĩreturn to prison within three years of their release.‚Ä? ‚ĨWhen these individuals cycle in and out of state and local facilities,‚Ä? ‚Ĩthey run up an enormous bill that is shouldered by Florida taxpayers.‚Ä? ‚ĨIt costs an average of‚Ä? ‚Ĩnearly‚Ä? ‚Ĩ$19,000‚Ä? ‚Ĩper year to house an inmate‚Ä? – ‚Ĩmore than three times the cost of tuition at the University of Florida.‚Ä?
The Florida Legislature has once again proven its commitment to increasing accountability in state government by ensuring the state’s inspectors general are best equipped to serve the state’s taxpayers as trusted, independent investigators…
This report, the third in a series, outlines options to reform Florida’s class size limits that have cost taxpayers more than $30 billion since voters approved them in a 2002 constitutional amendment.
For the past four years, the January edition of the monthly Florida TaxWatch Economic Commentary has analyzed the annual Florida employment figures for the previous year. Since the first such analysis in January 2011, Florida has gained approximately 710,200 nonfarm jobs, which equates to a 9.9 percent growth.
Consistent with the research and educational mission of Florida TaxWatch, the 2012 Voter Guide is the third consecutive Guide released during a statewide election cycle.
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