This is not promising news for the office market. Or is it?
The state’s unemployment rate for nonagricultural workers rose to 11.7 percent in August from 11.5 percent in July. The jobless rate also rose in the Tampa Bay area last month, rising to 12.6 percent from 12.3 percent in July. The Bay area numbers include Hillsborough, Pinellas, Pasco and Hernando counties.
It wasn’t immediately clear this morning what was behind the rise. It could mean more people are reentering the workforce.
Often during a recession, some long-time unemployed people get discouraged and stop looking for work. They technically drop out of the labor force and are no longer counted in unemployment numbers.
When the economy improves, these “discouraged workers” start looking for work again, reenter the labor force and are counted as unemployed. This can cause the jobless rate to rise even as the economy improves. (Full Story from TBO.com)
