Duval's jobless rate down slightly; falling gas prices slowing inflation

Duval County's seasonally adjusted unemployment rate fell in October from the September figure and falling gas prices are starting to make things more affordable on the First Coast.

University of North Florida economist Paul Mason released his figures on leading economic indicators and the Consumer Price Index Friday. His differ from the state's official numbers because Mason uses his own data and adjusts the First Coast numbers for seasonal influences.

The October jobless rate for Duval County was 6.02 percent, down from the September figure of 6.39 percent, Mason reported The overall First Coast market survey area's jobless figure held steady at about 5.67 percent after seasonal adjustments for the combined five-county area of Duval, St. Johns, Nassau, Clay and Baker counties.

Duval County employs the most people in the area, and Mason said the number of unemployed in Duval County fell by 1,615 people.

"In Duval, it [unemployment rate] fell quite a bit, that's about four-tenths of a percent," Mason said Friday. "What you see is we lost people in the labor force but most of the people that left were unemployed. As a consequence, the unemployment rate went down."

Meanwhile, the First Coast Consumer Price Index fell from 115.28 in September to 115.22 in October, according to Mason after seasonal adjustments. That says inflation is slowing. At that rate, Mason said the annual inflation rate would stand at .15 percent.

Tumbling gas prices is a major factor in the slower inflation rate, Mason said. Prices at the pump fell 6.7 percent in October and that's influenced other commodities such as food prices, which decreased moderately in October.

"I place a great deal of stock on the role of oil prices and gasoline prices," Mason said. "When people are spending $10 less a week on gas, they're pretty much turning around and spending that on other things. That bolsters growth in the economy and it produces jobs."

Beyond the impact on jobs and the market, Mason said, lower gas prices has an emotional impact on consumers.

"That tends to have an expansionary effect for a number of reasons, including people feel better about their purchasing power when they see gas prices go down," Mason said. "Gasoline, it's in our face all the time. Most people drive by 10 or 15 gas stations a day and when you see those prices falling, it makes you feel good … [and] is a welcome boost as we approach the Christmas shopping season."

Drew Dixon: (904) 359-4098