(Source: St. Petersburg Times)

By Jeff Harrington, St. Petersburg Times, Fla.
Jul. 17--The Florida unemployment rate jumped to 10.6 percent in June, the highest in more than 34 years, with the Tampa Bay area among the leaders in job losses over the year.
The jobless figure, up from 10.2 percent a month earlier, represents 970,000 out-of-work Floridians out of a statewide workforce of 9.19 million. The last time Florida unemployment was higher was October 1975, when it hit 11 percent.
In the Tampa Bay region, unemployment jumped nearly a half percentage point, from an adjusted 10.6 percent in May to 11.1 percent. Hardest-hit in the area continued to be Hernando County, where unemployment reached 13.1 percent.
Over the past year, the bay area has shed 55,400 jobs, second only to Miami-Fort Lauderdale's drop of 96,400 jobs. All told, there are about 147,000 bay area residents counted as unemployed.
Florida has been losing jobs at a quicker pace than the national average. The national unemployment rate was 9.5 percent for June.
The news was simultaneous with national reports raising hopes that the recession may be in its final throes: an earnings boost at some megabanks such as Bank of America and an unexpected jump in housing construction in June to the highest level in seven months.
But often in recessions, unemployment continues to rise or remains high even after the economy starts improving. Some economists forecast the national unemployment rate topping 10 percent early next year.
Florida's unemployment rate could exceed 12 percent or 13 percent before we're through, economist Scott Brown with Raymond James Financial in St. Petersburg said Friday.
"It's hard to put a fine point on it," Brown added. "This may not be even a jobless recovery. This could be a job loss recovery, like we saw after the 2001 recession where we kept losing jobs even after the economy recovered."
Jeff Harrington can be reached at jharrington@sptimes.com or (727) 893-8242.
Florida unemployment rises to 10.6 percent in June
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