Table of Contents
Miami-Dade County’s Unemployment Report
Key Takeaways
- Miami’s labor market continued to perform well over July, with the unemployment rate marginally flat, as compared to the prior month, and the local economy adding seeing job gains in every sector.
- At 2.3%, Miami’s unemployment rate is close to 1.5% below that of the rest of the country, and the lowest among South Florida’s three counties.
- The leisure and Hospitality, and the Transportation, Warehousing & Utilities sectors Miami’s job creation in July and grew by 12.3% and 14.5% respectively, adding collectively close to 28,000 jobs over year to the end of July 2022.
Unemployment Rate in Miami-Dade County (not seasonally adjusted)
The latest unemployment report released by the Florida Department of Economic Opportunity, shows that the unemployment rate decreased to 2.3% this July compared to 5.3% in July of 2021. The unemployment rate increased from 2.1% in June of 2022 to 2.3% in July. Miami-Dade County’s unemployment rate continues to be lower than the country’s unemployment rate.
Source: Florida Department of Economic Opportunity
Non-agricultural Payroll Jobs (not seasonally adjusted) – Miami-Dade County
- There was an increase of 80,000 nonagricultural payroll jobs from July 2021 to July 2022: a 6.8% increase.
- Nonagricultural payroll jobs increased by 12,900 from June 2022 to July 2022; a 1% increase.
- When analyzing the numbers by sector, all but one industry experienced an increase in the number of jobs compared to last year.
The table below shows that all but one industry experienced an increase in the number of jobs compared to last year. The industries with the largest gains in absolute numbers since July of 2021 include Leisure and Hospitality and Professional and Business Services. This is to be expected as the hospitality industry lost the largest numbers of jobs during the pandemic. Total Government saw a reduction in the number of jobs between July of 2021 and July 2022.
| Nonagricultural Employment
MIAMI-MIAMI BEACH-KENDALL MD (Not Seasonally Adjusted) |
||||
| June 2022 to July 2022 change | July 2021 to July 2022 change | |||
| Industry | Level | Percent | Level | Percent |
| Leisure and Hospitality | 700 | 0.5% | 15,500 | 12.3% |
| Professional and Business Services | 3,100 | 1.6% | 13,100 | 7.1% |
| Transportation, Warehousing, and Utilities | 1,400 | 1.5% | 12,200 | 14.5% |
| Education and Health Services | 4,200 | 2.1 | 12,200 | 6.4% |
| Wholesale Trade | 100 | 0.1% | 8,000 | 10.9% |
| Manufacturing | 400 | 0.9% | 4,800 | 11.9% |
| Retail Trade | 500 | 0.4% | 4,300 | 3.2% |
| Financial Activities | 1,200 | 1.4% | 3,700 | 4.3% |
| Other Services | 400 | 0.8% | 3,600 | 7.6% |
| Construction | 800 | 1.5% | 3,300 | 6.4% |
| Information | 100 | 0.5% | 300 | 1.5% |
| Total Government | 0 | 0% | -1,000 | -0.8% |
All South Florida counties shown below have improved unemployment rates compared to July of 2021. Miami-Dade County presents the lowest unemployment rate compared to the rest of the counties presented below.
|
|
July 2022 |
July 2021 to July 2022 |
|
Miami-Dade County |
2.3% |
-3% |
|
Florida |
2.8% |
-2% |
|
Broward County |
2.9% |
-2.2% |
|
Palm Beach County |
2.9% |
-1.7% |
|
United States |
3.8% |
-1.9% |
Unemployment Rate in Miami-Dade County (seasonally adjusted)
Seasonally adjusted unemployment rates, which take seasonal fluctuations into consideration, show a downward trend in unemployment rates. The seasonally adjusted unemployment rate for Miami-Dade County is 2.4% for July of 2022 compared to 5% in July of 2021. When analyzing unemployment figures month over month, the unemployment rate is 0.4% lower in July than in June of 2022.
From the data and analysis above, we continue observing lower unemployment rates. In addition to lower unemployment rates, Miami-Dade County is experiencing tremendous growth as a result of new investments, company re-locations, and the creation of high-paying jobs. 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 businesses. For more information, visit www.www.beaconcouncil.com.
Sources
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.
