Florida is seeing a significant increase in the number of people leaving the workforce

For the second month in a row, Florida saw a sharp rise in the number of people leaving the workforce, new data from the Bureau of Labor Statistics showed.

In August, 28,000 more Floridians quit their jobs than in July, from 264,000 to 292,000 — a 0.3 percent change that represents the biggest increase in quit rates in the month. compared to other countries.

A month earlier, the Bureau of Labor Statistics found that from June to July, the unemployment rate in Florida increased by 63,000. The Sunshine State also reported the highest jump among the most populous states, including New York, Texas and California.

Mass withdrawal is different from what is happening at the national level. In July, employers added 114,000 jobs in the US, but that was a sharp decline from the 179,000 jobs posted in June.

According to Michael Ryan, financial expert and founder of michaelryanmoney.com, Florida prices may have forced people to quit their jobs in recent months.

“Florida is very expensive,” Ryan said Newsweek. “We’re talking about housing prices, rent, food, utilities—everything. Places like Miami, Tampa, and even smaller cities have seen huge increases in the cost of living. Imagine working hard—maybe even more – and feel like you’re falling behind.

Florida’s labor laws are less worker-friendly than states like California, Ryan said, so burnout may play a role.

He added: “Workers feel they are being asked to do more for less, and with less protection, they don’t feel safe.” “When you combine the pressure of rising costs with job dissatisfaction, you get a lot of people who are ready to go out and look for something better.”

While the job market is seeing waves of new businesses spring up after the pandemic, job creation is mostly stagnant, he said.

Ryan continued: “When people start feeling financial pressure, they are willing to take risks. “Retirement used to be considered a risk, but for many Floridians today, staying fit feels like a bigger gamble.”

Alex Beene, a professor of finance at the University of Tennessee at Martin, says mental health also drives much of the dropout rate.

“With mental health, it’s a pressure to have more responsibilities given to workers, especially in states like Florida that have seen a huge increase in the population of many cities in recent years and have had a problem with to find enough workers in other businesses to meet new people,” Beene said Newsweek.

For those who leave their jobs, they may find high demand in industries such as hospitality, construction and health care. Part-time work has also allowed people to pursue higher-paying opportunities.

“For the economy, this indicates a strong labor market but it can lead to instability. High turnover may disrupt production in key sectors, forcing businesses to raise wages or improve conditions, which which can drive long-term costs, “Kevin Thompson, financial expert. and founder and CEO of 9i Capital Group, he said Newsweek.

A wave of layoffs could herald an exodus as people seek lower living costs and job security. Countries with strong labor protection are also likely to see population growth.

“Florida’s labor market—much like its leadership—puts profits before people. Workers are fed up with low wages, poor benefits, and a lack of work-life balance,” HR consultant Bryan Driscoll he told. Newsweek.

Driscoll said Florida’s future economy may suffer from the layoffs, but the state will continue to be a tourist destination.

“The state’s economy will feel it, even though Florida is not a tourist destination and other workers will fill the void, either by moving to Florida or existing workers being forced to take jobs. he’s a lot,” Driscoll said. “Without real change in how workers are valued and protected, this trend will continue to hit businesses hard.”