Outlook Projection FY 2023-24

4.9% 4.2% Updated Employment Conditions... July 2022 Nonfarm Jobs (YOY) US: 4.2% FL: 4.9% At the onset of the COVID pandemic, employment dropped by almost 1.3 million jobs from February 2020 to April 2020, a decline of 14.1 percent. In July 2022, Florida exceeded the pre- pandemic level (February 2020) by 357,900 jobs, a gain of 3.9 percent. July 2022 Unemployment Rate US: 3.5% FL: 2.7% (283,400 jobless persons) The Revenue Estimating Conference assumes the "full employment" unemployment rate is about 4 percent. Florida's unemployment rate had been below 4.0 percent from February 2018 through February 2020. With the onset of the pandemic, the unemployment rate spiked to 13.9 percent in May 2020, handily surpassing the prior peak rate of 10.9 percent experienced in the first four months of 2010 during the Great Recession. Florida's unemployment rate is now approaching its lowest recorded rate in modern times: the first half of 2006 when it was 2.4 percent. 15.0% 10.0% 5.0% 0.0% -5.0% -10.0% -15.0% Jan-00 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% Seasonally Adjusted Nonfarm Jobs Percent Change from Same Month Prior Year Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Florida United States Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Source: Florida Department of Economic Opportunity, Bureau of Workforce Statistics and Economic Research, Current Employment Statistics Program in cooperation with the U.S. Department of Labor, Bureau of Labor Statistics, August 19, 2022. United States and Florida Unemployment Rates (seasonally adjusted) Florida United States Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Source: Florida Department of Economic Opportunity, Bureau of Workforce Statistics and Economic Research, Local Area Unemployment Statistics Program, in cooperation with the U.S. Department of Labor, Bureau of Labor Statistics, August 19, 2022. Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 3.5% 2.7% 4

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