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The numbers analyzed
In December 2020, the not seasonally adjusted unemployment rate in Miami-Dade County was 7.3 percent. The County had a reduction of 69,200 nonagricultural payroll jobs (not seasonally adjusted), from December 2019 to December 2020 which was a 5.6 percentage point decrease. From November 2020 to December 2020, there was an increase of 4,600 nonagricultural payroll jobs, which is a 0.4 percentage point increase.
Non-agricultural Payroll Jobs
Due to the impact of COVID-19, there continues to be a sharp decline in non-agricultural payroll jobs throughout most industries when comparing year over year (December 2019 with December 2020). The sectors most affected are Leisure & Hospitality (-24,100), Total Government (-15,200), Education & Health Services (-10,600), Retail Trade (-6,200), Other Services (-4,100), Professional & Business Services (-3,900), Wholesale Trade (-3,600), and Transportation, Warehousing, & Utilities (-3,500). The sectors seeing some improvements in the past 12 months are Financial Activities (+1,500), Construction (+1,100), and Manufacturing (+300). The graph below shows the payroll data since November 2018.
From December 2019 to December 2020 there was a reduction of 69,200 non-agricultural payroll jobs. From November 2020 to December 2020 there was an increase of 4,600 non-agricultural payroll jobs.
The change in non-agricultural payroll job between November 2020 and December 2020 shows that several sectors have added jobs, including in sectors that were the hardest hit during the onset of the COVID-19 crisis. These sectors include Transportation, Warehousing, and Utilities (+2,300), Retail Trade (+1,600), Leisure and Hospitality (+1,400), and Wholesale Trade (+400).
| Sector | December 2019- December 2020 | November 2020 – December 2020 |
| Financial Activities | +1,500 (+1.8%) | +1,300 (+1.6%) |
| Construction | +1,100 (+2.1%) | -900 (-1.6%) |
| Manufacturing | +300 (+0.7%) | -1,600 (-3.6%) |
| Information | -900 (-4.3%) | 00 (0.0%) |
| Transportation, Warehousing, & Utilities | -3,500 (-4.0%) | +2,300 (+2.8%) |
| Wholesale Trade | -3,600 (-4.9%) | +400 (+0.6%) |
| Professional & Business Services | -3,900 (-2.1%) | +2,700 (+1.5%) |
| Other Services | -4,100 (-8.1%) | +400 (+0.9%) |
| Retail Trade | -6,200 (-4.1%) | +1,600 (+1.1%) |
| Education & Health Services | -10,600 (-5.4%) | -800 (-0.4%) |
| Total Government | -15,200 (-10.4%) | -2,200 (-1.6%) |
| Leisure and Hospitality | -24,100 (-16.3%) | +1,400 (+1.1%) |
Not seasonally adjusted unemployment rate
The not seasonally adjusted unemployment rate of 7.3 percent in December 2020 compared to last year is 5.7 percentage points higher than the unemployment rate at 1.6 percent in December 2019. Compared to November 2020 there was a 0.6 percentage point decrease from the unemployment rate at 7.9 percent.
Additionally, analyzing Miami’s unemployment history in the graph below, the Miami metro area labor force statistics use a different measurement method than all other counties in Florida. The information for the monthly employment and unemployment estimates come from Current Population Survey (CPS). There are only seven large areas across the nation which uses this labor force statistics model. The increase in the count of unemployed individuals in Miami-Dade County in September 2020 and the subsequent decrease in October was driven by the responses of Miami residents to the Current Population Survey. The graph compares the unemployment rate for Miami-Dade County with that of the United States since December 2018.
|
|
December 2020 Unemployment Rate (Not Seasonally Adjusted) |
December 2019 to
December 2020 |
| Miami-Dade County | 7.3% | +5.7% |
| Broward County | 6.6% | +4.0% |
| Palm Beach County | 5.5% | +2.8% |
| Florida | 5.8% | +3.3% |
| United States | 6.5% | +3.1% |
Seasonally adjusted unemployment rate
In December 2020, the seasonally adjusted unemployment rate for Miami-Dade County (taking seasonal fluctuations in the labor force into consideration) was 7.5 percent, which is 5.5 percentage points higher than in December 2019. The unemployment rate is 0.6 percentage points lower than in November 2020 when it was at 8.1 percent.
From the data and analysis above, we continued to observe the negative impact of COVID-19 on our local economy. Nevertheless, the community needs to remain focused on job-retention projects in targeted industries, as well as all sectors. These industries have been identified as the Miami-Dade County industries most able to create additional well-paying job opportunities, leading to an improved quality of life for Miami-Dade County residents. The Miami-Dade Beacon Council continues to aggressively work on attracting new companies to our community and work on the expansion and retention of existing business. For more information, visit www.www.beaconcouncil.com.
The job creation numbers are derived from the U.S. Bureau of Labor Statistics Current Employment Statistics Program (CES), and only account for non-farm payroll jobs. However, the unemployment rates are derived from the U.S. Bureau of Labor Statistics Local Area Unemployment Statistics Program (LAUS), which includes farm payroll jobs as well as self-employed workers.
In addition, the federal government typically conducts interviews in sample households to determine the unemployment rate. Miami-Dade County is one of six metropolitan areas in the United States that uses a different method solely based on a statistical model derived from several data sets.
