Florida’s unemployment rate dipped to 4.8 percent in March. That’s down from the month before, but it’s still higher than the national rate of 4.5 percent.
Education and health services fueled job growth. And PNC economist Mekael Teshome said an uptick in construction jobs is a good sign.
“When construction picks up it’s usually a good sign that other parts of the economy are getting better,” said Teshome. “Whether that be the residential side or on the commercial side.”
There were 483,000 Floridians without a job in March, that’s out of a labor force of 10.1 million.
Teshome thinks the shrinking unemployment rate could boost wages.
“This is a good sign that we may get a tighter job market that will lead to faster income and wage growth,” he said. “But in terms of the mix of jobs that pay different wages we’re still struggling on that front.”
Monroe County had the lowest unemployment rate in the state, while Hendry County had the highest at 6.4 percent.