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Images from Florida's bright job picture

So far, more than 2-million jobs have disappeared on President George W. Bush's watch. Despite the administration's economic policies geared to getting people spending again, not one net new job has been added nationally. Still, the latest indicators seem to show modest hope of an improving business climate.

But the question remains: Is this a jobless bounceback?

The good news is, Florida's ability to create new jobs remains resilient. The Sunshine State enjoyed the largest increase in employment in the past year (from July 2002 to July 2003) of any state, according to seasonally adjusted figures out this week from the Bureau of Labor Statistics. Florida's jobs increased by 85,400 in the past year, more than twice the job gain of No. 2 Georgia (up 38,700) and No. 3 New Jersey (up 36,800). Other states with over-the-year employment gains include Maryland and Virginia.

Those states hit hardest since July 2002 with job losses are Indiana (down 60,700) and Ohio (down 58,300), followed by Michigan, Illinois and Massachusetts.

Statistics are funny things. As hefty as Florida's job growth seems, the state still is stuck in the middle of the pack when it comes to its unemployment rate (mostly because the pool of job seekers just keeps on growing.) That rate - now 5.3 percent - is well below the national unemployment rate of 6.3 percent. But 18 other states boast lower rates, with South Dakota enjoying the nation's lowest rate of 3.3 percent. Oregon has the highest unemployment rate of 8.1 percent.

Florida's job momentum is another matter. Measured over the latest month, Georgia in July led the nation in job creation with the addition of 18,700 jobs. New York followed in July with 14,900 new jobs. Florida's gain in July was negligible, but certainly better than such states as Missouri, Oklahoma and Michigan that saw heavy job losses.

IS REPUBLIC BANK NEXT?: All it took was Royal Bank of Canada to say earlier this week that it wanted to expand in Tampa and St. Petersburg. Zoom! Shares of St. Petersburg's Republic Bancshares Inc. rose more than 10 percent Tuesday when the Canadian comments appeared in newspapers. Royal Bank, through its RBC Centura Banks unit, already has operations in Florida and is growing. While bank analysts suggested Republic still is turning itself around and may not be ready to sell, others said everything is for sale - at the right price. ...

HOW FARES HSN'S DYNAMIC DUO?: It's been many a year since Home Shopping Network founders Roy Speer and Lowell Paxson roamed HSN's hallowed halls in St. Petersburg. Born in 1981, HSN is now owned by Barry Diller's InterActiveCorp. And the much enriched Speer and Paxson went their separate ways long ago. Let's catch up with them for a minute. Among other pursuits, Speer is embroiled in a legal spat in Orlando over the control of a private company now under bankruptcy protection called Lentek International. Through his Nevada-based RMS Limited Partners, 71-year-old Speer is battling 32-year-old Lou Lentine Jr., president of Lentek and a founder of the pest-control device business. Speer wants out of his stake in the company, or wants Lentine to give up his 45 percent share. As for "Uncle Bud" Paxson, his Florida broadcast empire of Paxson Communications TV stations is struggling with a heavy debt load and mediocre ratings at its family-oriented Pax-TV program network. This week, Jeff Sagansky, for years a key Paxson executive, resigned as vice chairman and board member. ...

BEWARE THE LONGEST-TERM CD: If interest rates on certificates of deposit get any smaller, we'd need microscopes. Consider the CD ad unveiled last week by Wachovia Bank hawking "Peace of Mind" and a prominent 4 percent annual percentage yield. Even a paltry 4 percent sounds pretty good these days. But Wachovia is pushing a seven-year CD, meaning investors must commit their money ($10,000 minimum, and you must have an account at the bank) to a 4 percent yield until 2010. And Wachovia is promoting its CD as an "84-month" CD. Does that make it sound shorter term? CD investors can certainly do better shopping around for 5-year CDs that offer similar returns.

So why are banks like Wachovia pushing such long-term CDs? Here's one reason: They expect interest rates to rise over the next few years, and they would like to lock up your money at what may soon be a below-market rate. ...

OLIVER'S BUSINESS TWIST: Gene Oliver "retired" in 1998 after running SouthTrust Bank's Tampa Bay region for many years and, before that, serving since 1974 as CEO of the locally founded Bank of Florida in St. Petersburg. An avid sailor, Oliver crossed the Atlantic and took to hanging out places like Greece, Croatia and Turkey. Well, Gene's back in St. Petersburg, this time with son Ken, with a new company providing computer solutions for small businesses. As chairman, Gene provides 30 years of business contacts and seasoning, while president Ken brings 11 years of computer industry experience. The company, called Solutions on Site (http://www.sos4computers.com) already has a shorthand name: SOS. ...

- Robert Trigaux can be reached at trigaux@sptimes.com or 727 893-8405.