FL’s Economy Is Better Yet Officials Recognize Problems
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TALLAHASSEE (CBSMiami/AP) — Many Floridians have a little more money in their bank accounts according to a new analysis by state economists. While it appears Florida’s economy is showing signs of continued recovery, state economists pointed out some problems.
State economists on Monday released a 29-page snapshot looking at everything from wages to housing prices and unemployment.
The good news: Florida was ranked 13th in 2013 in personal income growth. Growth rates also are returning to more typical levels.
But the report by the Office of Economic and Demographic Research also found that Florida’s average wage is dropping further behind the average wage in the United States.
The report also notes the drop in Florida’s unemployment rate has been helped by people dropping out of the labor force. The state’s real unemployment rate would be 6.9 percent if participation had held steady since December 2011.
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