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Increase of 75,300 nonagricultural payroll
Key Takeaways
- This May’s unemployment report shows that the unemployment rate decreased to 2.3% compared to 5.6% in May 2021.
- There was an increase of 75,300 nonagricultural payroll jobs from May 2021 to May 2022: a 6.5% increase.
- When analyzing the numbers by sector, all but one sector experienced an increase in the number of jobs compared to last year.
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 May compared to 5.6% in May of 2021. The unemployment rate decreased from 2.5% in April of 2022 to 2.3% in May. Miami-Dade County’s unemployment rate continues to be lower than the country’s unemployment rate. Another important trend is that Miami-Dade County’s unemployment rate has reached pre-pandemic levels.
Note: 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 graph compares the unemployment rate for Miami-Dade County with that of the United States since May of 2021.
Non-agricultural Payroll Jobs (not seasonally adjusted) – Miami-Dade County
- There was an increase of 75,300 nonagricultural payroll jobs from May 2021 to May 2022: a 6.5% increase.
- Nonagricultural payroll jobs increased by 2,800 from April 2022 to May 2022; a 0.2% 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 May 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 May of 2021 and May 2022.
All South Florida counties shown below have improved unemployment rates compared to May of 2021.
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 3% for May of 2022, which is 2.7% lower than in May of 2021.
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 business. 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.
