Almost every major industry in Florida saw declines in April, with tourism-related metros leading in losses. Payrolls fell by over 1.0 million jobs during the month and the unemployment rate spiked to 12.9% from 4.4%. This rate under represents the true number of unemployed.
Over 16% of Florida’s labor force applied for unemployment insurance over the last two months, with a significant backlog of applications still to be processed.
With most businesses across the state set to reopen, including theme parks and beaches, they will still have to operate under limited capacity. As stay-at-home orders are lifted, it should set the stage for a modest start to recovery over the summer months.