Wells Fargo: Florida turns corner on job losses
June 19, 2020 - The Florida economy has turned a corner, according to a report from Wells Fargo Securities. More businesses have begun to re-open following efforts to contain COVID-19, and during May, private employers rehired some of the workers who were temporarily laid off or furloughed in March and April, the report said. Nonfarm payrolls increased by 182,900 jobs during the month, with private payrolls adding 185,700 jobs and rising 2.7 percent. However, the monthly gain falls well short of recouping the nearly 1.2 million jobs lost in the prior two months, Wells Fargo said, and said the road to recovery is likely to be long. The recent significant uptick in new cases could undermine consumer confidence and lead to tighter business restrictions, the report said.