Employment data

Federal immigration and trade policies are a likely factor in the triple-A-rated state's weak job growth and pose risks for its southern border cities' budgets.

"The shortage of accountants is not a brand new-issue, but it seems to be more thematic this year," said Richard Ciccarone, president emeritus of Merritt Research Services.

The state faces slower job growth after gains in the previous three years outpaced the nation, according to the Dallas Federal Reserve's Texas economic outlook.

Tourism raised $35.2 billion in taxes in 2022, consisting of $18.9 billion in federal tax revenue, $8.1 billion in state tax revenue and $8.2 billion in local tax receipts, according to a report.

Florida outpaced the national average in overall labor force gains last month while the state's 2.8% unemployment rate was lower than the nation's 3.9% in October.

Florida led the nation in payroll growth in July, Wells Fargo said in a Friday report, which noted most of the upturn was in the healthcare and professional and the scientific and technical services sectors while leisure and hospitality shed jobs.

The Florida Department of Economic Opportunity said the state unemployment rate in May was steady at 2.6% for the fifth straight month, the lowest among the 10 largest states in the nation.

"We are seeing strength in the securities, transportation and warehousing and office sectors," New York State Comptroller Thomas DiNapoli said "but retail, restaurants, construction and tourism continue to lag the national recovery."

The Miami area unemployment rate fell to 1.4% in December and saw the second-highest number of private-sector job gains in the state on a year-over-year basis.

"We continue to see very strong job numbers. Florida is in as good of a position as we could possibly be," said Jimmy Heckman of the state Department of Economic Opportunity.

At 2.5%, Florida's September unemployment rate is the second lowest in the state's history and the lowest since October 2006.

Investors will be greeted Tuesday with a larger new-issue calendar, estimated at $6.087 billion, up from total sales of $5.551 billion in the week of Aug. 29.

Nearly all construction firms have job openings, and more than half said they're seeing projects being scaled back, postponed or canceled.

The Miami metro area saw the most private-sector job growth among all metro areas in the state in June and year-over-year.

Ten states, includeing five in the Southeast, pre-pandemic employment levels in January, according to Fitch Ratings. In an update, the U.S. Labor Department reported Florida’s seasonally adjusted unemployment rate fell to 3.3% in February.

Market volatility has risen significantly, particularly in the last several weeks, with daily Treasury yield swings of 10 basis points or more becoming the norm with municipals struggling to stabilize.

Buyers appeared to return to the market the past two sessions after the January correction moved yields and ratios higher. Secondary trading was up again on Wednesday and new deals were well-received.

Munis followed UST weaker while stocks sold off after the employment report, which offered many messages. Analysts believe the bottom line is the Fed will liftoff in March.

“Our state’s strong economic recovery has accelerated back to pre-pandemic levels for unemployment and GDP,” said Gov. Bill Lee.

The weaker-than-expected employment report sent U.S. Treasury yields lower and equities sold off. Munis did what they've been doing — mostly ignored it.