Dr. Jackson's comments at the release of the report on April 28, 2012:
It is my pleasure to provide you with the April 2012 Southwest Florida Regional Economic Indicator Report released by the Regional Economic Research Institute at Florida Gulf Coast University. The Southwest Florida economy continues to show gains in tourism and consumer purchases which are positive signs. Regional taxable sales rose by eight percent from January 2011 to January 2012. From February 2011 to February 2012, tourism tax collections increased by 16 percent in Lee County, 15 percent in Collier County, and by 8 percent in Charlotte County. February 2012 passenger traffic at Southwest Florida International Airport decreased by one percent from February 2011.
The seasonally-adjusted unemployment rates have fallen but remain high. Lee County's unemployment rate declined from 11.3 percent in March 2011 to 9.2 percent in March 2012. Collier County's unemployment rate declined from 10.7 percent in March 2011 to 8.5 percent in March 2012. Charlotte County's unemployment rate has fallen from 10.8 percent in March 2011 to 9.1 percent in March 2012.
The advance estimate for the first quarter U.S. Real GDP growth was released on April 27th and is 2.2 percent. The fourth quarter growth was 3.0 percent while the third quarter grew slower at 1.8 percent. First quarter real personal consumption expenditures increased by 2.9 percent, compared to 2.1 percent in the fourth quarter of 2011. Real disposable personal income increased by only 0.4 Percent in the first quarter. The advance estimates are based on incomplete source data and we can expect revisions.
The national unemployment rate dropped from 8.3 percent in February 2012 to 8.2 percent in March 2012. There is a concern that the drop in the national unemployment rate is a temporary adjustment to steep job cuts during the recession and without stronger economic growth, unemployment rates may not continue to improve. The number of long-term unemployed (those jobless for 27 weeks or longer) is 42.5 percent of all unemployed in March 2012.
The March Bureau of Labor Statistics Establishment Survey showed that national nonfarm payroll employment increased by 120,000, which was smaller than the February increase of 240,000. The national March employment increases included 31,000 in professional and business services, 37,000 in manufacturing, 37,000 in leisure and hospitality, 15,000 in financial activities, and 26,000 in health care. There was a reduction of 34,000 in retail trade.
The national consumer price index for March 2012 increased by 2.7 percent over March 2011, primarily driven by a 4.6-percent increase in energy prices and a 3.3-percent increase in food. All items, less food and energy, rose by 2.3 percent. Core inflation has increased but remains subdued and has allowed the Federal Reserve to maintain low interest rates.
(27 pages)