A weekly update to the high-frequency indicators that will signal worsening or better economic recovery outcomes for the Orlando region, week of June 1.
In this weekly, special edition of the metro Orlando Market Overview, the Partnership research team analyzes select, high-frequency indicators* that will signal worsening or better outcomes for the region. The signs of a deepening recession or the beginning of a recovery will appear in these indicators before they are seen in a wider set of data sources.
These metrics will be updated on a weekly basis by the research team with the latest data available.
*Lags in data collection and publishing mean that many economic indicators will not begin to quantify the effects of a COVID-19 recession on the Orlando region until Q3 2020 and beyond.
|Unemployment Rate||New Claims for Unemployment Insurance||Month to Month Job Change||Week to Week Job Postings|
|Rate of Change||+12pp MoM||-34% WoW||-13.8% MoM||+33% WoW|
|Date Range||April||May 23||March-April||May 30|
Source: US Dept of Labor, FL DEO, Burning-Glass
- MoM = Month-over-month
- YoY = Year-over-year
Key Takeaways: Week of June 1, 2020
- No industry grew in employment from month-to-month, which signals the far-reaching economic impacts of this crisis. Five year’s worth of job gains were lost between March and April. Orange County sets the pace for MSA overall, specifically for claims for unemployment insurance.
- Orlando’s unemployment rate exceeds the nation and is higher than anything seen during the 2008 recession. Nationally, the most recent data began to show a slight decrease in the unemployment rate, with jobs returning in the Leisure and Hospitality industry. Expect Orlando’s unemployment rate to begin to decrease similarly.
- Job posting data reflects real-time labor market information and business reopening. Job posts declined sharply in late March and stayed down throughout April. At the end of May, job posts began to increase, signaling tentative, returning strength to the job market as the region began to reopen. Note: Job posts do not measure hires and may include companies who continue to post jobs but are on a hiring freeze.
1. Unemployment Rate
Preliminary Data for May 2020, NSA
Note: The U.S. unemployment rate for May is 13.3 percent. May data for Orlando will not be released until June 19. Expect Orlando’s unemployment rate to decrease in a similar fashion.
Preliminary Data for May 2020, NSA by County
2. New Claims for Unemployment Insurance
U.S., 2019 – May 9, 2020
Florida, 2019 – May 23, 2020
Orlando MSA March 7 – May 23, 2020
Orlando Counties, March 7 – May 23, 2020
New Claims for Unemployment Insurance By County Week Ending May 23
Note: Data released weekly
3. Month to Month Job Change – By Industry
1-Month Change in Employment March-April 2020 (Not Seasonally Adjusted)
Note: Next update June 19