Table of Contents
Key Takeaways
- This February’s unemployment report shows that the unemployment rate decreased to 2.8% compared to 6.6% in February 2021.
- There was an increase of 81,700 nonagricultural payroll jobs from February 2021 to February 2022: a 7.1% 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)
Miami-Dade County continues experiencing economic growth as local companies are growing and companies from other parts of the United States, as well as from abroad move their operations to Miami-Dade County. This February’s unemployment report shows that the unemployment rate decreased to 2.8% compared to 6.6% in February of 2021. The unemployment rate decreased from 3.2% in January 2022 to 2.8% in February 2022. Miami-Dade County’s unemployment rate is lower than the country’s unemployment rate, which was not the case for most of the pandemic. Another important trend is that Miami-Dade County’s unemployment rate has slowly moved toward 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 December of 2020.
Non-agricultural Payroll Jobs (not seasonally adjusted) – Miami-Dade County
- There was an increase of 81,700 nonagricultural payroll jobs from February 2021 to February 2022: a 7.1% increase.
- Miami-Dade County had the second largest increase in payroll jobs in Florida after the Orlando area.
- Nonagricultural payroll jobs increased by 17,100 from January 2022 to February 2022; a 1.4% increase.
- When analyzing the numbers by sector, all but one sector 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 since January 2021 including Leisure and Hospitality and Professional and Business Services. This is to be expected as the hospitality industry lost the largest numbers of jobs at the beginning of the pandemic. Total Government saw a reduction in the number of jobs between February of 2021 and February 2022.
|
Nonagricultural Employment MIAMI-MIAMI BEACH-KENDALL MD (Not Seasonally Adjusted) |
||||
|
January 2022 to February 2022 change |
February 2021 to February 2022 change |
|||
|
Industry |
Level |
Percent |
Level |
Percent |
|
Leisure and Hospitality |
4,600 |
3.4% |
26,100 |
23.2% |
|
Professional and Business Services |
400 |
0.2% |
17,500 |
9.8% |
|
Transportation, Warehousing, and Utilities |
1,400 |
1.5% |
9,300 |
11.1% |
|
Education and Health Services |
4,500 |
2.3% |
8,100 |
4.3% |
|
Retail Trade |
1,400 |
1.0% |
6,500 |
4.9% |
|
Wholesale Trade |
1,600 |
2.1% |
5,800 |
8.1% |
|
Financial Activities |
300 | 0.3% | 3,800 | 4.6% |
|
Other Services |
00 |
0.0% |
2,500 |
5.5% |
|
Manufacturing |
700 |
1.7% |
1,300 |
3.2% |
|
Information |
300 |
1.5% |
1,200 |
6.1% |
|
Construction |
1,000 |
1.9% |
100 |
0.2% |
| Total Government | 900 | 0.7% | -600 |
-0.4% |
All South Florida counties shown below have improved unemployment rates compared to February of 2021, with Miami-Dade County showing the lowest rate.
|
|
February 2022 |
February 2021 to
February 2022 |
|
Miami-Dade County |
2.8% |
-3.8% |
|
Broward County |
3.2% |
-2.9% |
|
Palm Beach County |
3.0% |
-2.1% |
|
Florida |
3.1% |
-2.4% |
|
United States |
4.1% |
-2.5% |
All South Florida counties shown below have improved unemployment rates compared to February of 2021, with Miami-Dade County showing the lowest rate.
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 3.4% for February of 2022, which is 3.5% lower than in February of 2021. This February’s seasonally adjusted unemployment rate is 0.2% lower than January 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 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.
