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Job Losses Grow

October 16th, 2009 by Mike Vasilinda

The states unemployment hit 11 percent in September, and for the first time in the states history, more than one million people are unemployed and looking for work.
The rate of job loss is slowing, but as Mike Vasilinda tells us, there are still far more people looking than there are jobs.

18 thousand more Floridians lost their jobs in September. One of them was Isaac Cuyler.

Im hurting…financially, Cuyler, an unemployed maintenance worker said.

Since January, 360 thousand Florida jobs have disappeared. Labor economists say job creation remains stagnant.

And when you look at the number of unemployed in Florida, compared to the number of ads, its about 5 to, chief labor economist Rebecca Rust said. Theres five unemployed for every job opening reported on the internet.

New numbers also show that nearly one in five with jobs are underutilized. That means theyre over qualified for the job they took.

One good sign this month is that state revenues are above expectations, suggesting that people are starting to spend again.

Revenue collections and consumer confidence are up two months running and the foreclosure rate is falling. Still, Florida Taxwatch says its too soon to say a recovery is underway.

You know Mike, this is very encouraging news, but weve got a very,very steep incline to get out of…so, we need every bit of good news we can get, Dominic Calabro with Florida Taxwatch said.

Floridas unemployment rate was 7 tenths of a percent higher in 1975, but never before have more than one million Floridians been out of work.

Florida ran out of money to pay claims in August, and has already borrowed more than 464 million to pay claims. Since the first of the year, more than four billion dollars has been paid to the unemployed.

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