Unemployment falls slightly as jobs numbers slow

ORLANDO, Fla. — New numbers from the Federal Bureau of Labor Statistics show unemployment under 11%, ticking down almost one full percentage point as the economy added back 1.8 million jobs in July; well off the mark from June when the economy added 4.8 million jobs back.

“We know that a number of the job losses have been permanent,” says Jonathan Bydlak, the Director of Fiscal and Budget Policy for the R-Street Institute.  “It is going to get more and more difficult as the numbers come down to recover at the same rate.”

In central Florida, the situation has been made worse by the continued layoffs in travel and tourism.  In July, major airlines and hotels announced layoffs as the industry continues to struggle with lack of demand due to COVID-19.

READ: Florida reports 180 more deaths linked to COVID-19, death toll surpasses 8K

While nationally the unemployment rate fell to 10.2%, Florida remains higher at 10.4%.

“In the short term there is no doubt there are huge frictional costs for people out of work and that will cause in the short term hits to growth, which we’re already seeing,” says Bydlak who expects the recovery to last well into 2021.

Cox Media Group