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Miami, FL – (December 18, 2015) – Miami-Dade and Broward County both led the state in most jobs created in the financial activities sector in the past year – adding 18,000 jobs from November 2014 to November 2015, according to statistics released Friday.
“Miami is one of the largest international banking centers in the United States and it supports a variety of financial services companies including private-equity firms, investment banks and hedge funds,” The Beacon Council President & CEO Larry K. Williams said. “We continue to see growing interest in Miami from companies wanting to do business with the banks in our community.”
Miami-Dade numbers analyzed
Miami-Dade County created 18,100 new nonagricultural payroll jobs (not seasonally adjusted) or a 1.6 percent increase from November 2014 to November 2015. Miami-Dade County continues to show year over year gains. Improvements in the non-farm payroll jobs can be found in a variety of sectors. And between October 2015 and November 2015, Miami-Dade County increased nonagricultural payroll jobs by 16,200 or a 1.4 percent increase.
The not seasonally adjusted unemployment rate from November 2014 to November 2015 decreased by 0.3 percentage point, to 5.5 percent from 5.8 percent. The not seasonally adjusted unemployment rate in November 2015 decreased 0.5 percentage points, to 5.5 percent from 6.0 percent in October 2015.
In November 2015, the seasonally adjusted unemployment rate for Miami-Dade County (taking seasonal fluctuations in the labor force into consideration) was 6.0 percent, which is 0.3 percentage points lower than a year ago (6.3 in November 2014) and 0.1 percentage point higher from October 2015.
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.
In Miami-Dade County, from November 2014 to November 2015, most industry sectors saw job improvements. The improvements in these sectors contributed to the gain of 18,100 new nonagricultural payroll jobs (not seasonally adjusted). Notably Financial Activities, Professional and Business Services, Trade, Transportation, and Utilities, Information, Education and Health Services, and Leisure and Hospitality, and Other Services, all continue to experience significant gains after having lost a large portion of their workforce during the recession.
The only major sectors that lost jobs between November 2014 and November 2015 was Total Government (-1,000 jobs), Manufacturing (-300 jobs) and Construction (-1,200 jobs).
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Sector
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November 2014 – November 2015
Job Change (% Change)
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Leisure and Hospitality
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6,600 (+5.0%)
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Education and Health Services
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3,800 (+2.2%)
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Professional and Business Services
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2,600 (+1.7%)
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Wholesale Trade
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2,200 (+3.0%)
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Transportation, Warehousing, and Utilities
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1,900 (+2.9%)
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Financial Activities
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1,800 (+2.3%)
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Other Services
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1,100 (+2.2%)
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Retail Trade
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500 (+0.3%)
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State Government
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500 (+2.6%)
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Information
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100 (+0.5%)
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Between October 2015 and November 2015, Miami-Dade County experienced an increase in the nonagricultural payroll jobs adding, 16,200 jobs. The only sectors that lost jobs from October 2015 to November 2015, include Manufacturing (-100 jobs), and Financial Activities (-400 jobs).
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Sector
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October 2015 – November 2015
Job Change (% Change)
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Retail Trade
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4,100 (+2.8%)
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Leisure and Hospitality
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2,700 (+2.0%)
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Professional and Business Services
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2,600 (+1.7%)
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Education and Health Services
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2,200 (+1.3%)
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Total Government
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1,300 (+0.9%)
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Construction
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1,300 (+3.5%)
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Transportation, Warehousing, and Utilities
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600 (+0.9%)
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Information
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200 (+1.0%)
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The not-seasonally adjusted November 2015 unemployment rate for the State of Florida was 4.8 percent, which is 0.3 percentage points lower than October 2015 at 5.1 percentage points. From November 2014 to November 2015, Florida’s unemployment rate decreased by 0.9 percentage points (from 5.7 percent to 4.8 percent). The United States not seasonally adjusted unemployment rate was 4.8 percent in November 2015.
For Broward County, the unemployment rate in November 2015 was 4.5 percent, which were 0.2 percentage points lower than October 2015 (4.7 percent), and a decrease of 0.9 percentage points compared to November 2014 (5.4 percent). For Palm Beach County, the November 2015 unemployment rate was 4.6 percent, which were 0.4 percentage points lower than October 2015 at 5.0 percent, and a decrease of 0.6 percentage points compared to November 2014 at 5.2 percent.
The overall unemployment rate for the South Florida region (Miami-Ft. Lauderdale-West Palm Beach MSA) in November 2015 was 5.0 percent, which is 0.3 percentage points lower than October 2015. A year ago, in November 2014, the South Florida unemployment rate was 5.6 percent. In terms of job creation in South Florida, the region gained 57,900 jobs or a 2.3 percent increase from November 2014 to November 2015. From October 2015 to November 2015, South Florida gained 36,100 nonagricultural payroll jobs.
From the data and analysis above, we see continued improvement in the local economy. Nevertheless, the community needs to remain focused on job-creation projects in targeted industries. 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 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, go to www.www.beaconcouncil.com
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