It's both an inspiration and a cautionary tale.
Florida’s economy is booming but also faces comparatively high inflation. With Gov. Ron DeSantis touting the Sunshine State’s economy in his bid for the 2024 Republican presidential nomination, it is both an inspiration and a cautionary tale for other states.
Florida’s statewide unemployment rate, according to the most recent May numbers, was an astonishingly low 2.6%. The state also added about 38,000 new jobs from April to May. “I think DeSantis’s candidacy, in large part, is built on a foundation of how Florida has performed coming out of, and during, the pandemic relative to other states,” Snaith added.
The June consumer price index report showed inflation fell to a 3% annual rate, representing a decline of a whole percentage point from the preceding month. The July 13 producer price index, which measures wholesale prices, showed that inflation came in at just 0.1% for the year ending in June.In South Florida, which includes the Miami, Fort Lauderdale, and West Palm Beach areas, annual inflation is nearly 7% higher than a year ago. In the Tampa-St. Petersburg area, it was running at 7.
Omodunbi pointed out that the high inflation coupled with still-rising interest rates will “reduce consumers’ purchasing power and lead to a decline in economic output in the state.”
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