Florida's Unemployment Miracle: Why Not Everyone Is Celebrating

Photo byPhoto 58536914 © Karminc

Despite Florida's near-historically low unemployment rates and rapid job creation, experts argue this is not the whole story.

Experts claim that despite Florida's strong job growth and low unemployment rate, not all employees are reaping the benefits equitably.

According to Julia Goldman, who researches cost-of-living trends in the wider Tampa Bay area, wages for typical Florida businesses, such as leisure and hospitality, must catch up.

"Unemployment is low right now, and there are lots of jobs, that's great," Goldman said. "But if the basic costs are increasing faster than wages – which they are – that's a huge problem."

In Florida, expenditures are rising faster than wages for over half of the workforce, or 45% of workers, according to research released by United Way Suncoast.

Many people make too much money to be eligible for aid and need more to keep up with the rising cost of things.

For instance, the Consumer Price Index shows that while household prices have increased nationally by 2.5 percent, the median income for retail workers in Florida has only increased by 1.9 percent since 2007.

According to a United for ALICE estimate, the price of necessities increased 3.3% in Florida.

"The available jobs are not paying enough," claimed Goldman. The majority of employment does not provide enough income to support people.

For example, she noted that Florida's housing, transportation, and childcare expenditures are rising more quickly than the country as a whole.

On September 30, Florida's minimum wage will rise to $12 per hour to reach $15 by 2026.

Many experts worry that the boost won't go far enough to support working families living paycheck to paycheck and fighting inflation.

How are you dealing with rising costs and stagnant wages in Florida? Share your thoughts!

Leave your comment below and share this on social media.