Table of Contents
Media Contact:
Maria Teresa Garcia
Communications Manager
tgarcia@www.beaconcouncil.com
(305) 579-1341
(Miami, Florida – December 22, 2017) – Miami-Dade County’s economy remains in good standing with the creation of 13,900 nonagricultural payroll jobs reflecting a 1.2% increase since October 2017. According to the November’s U.S Department of Labor report 27,100 jobs have been created since November 2016, a 2.3% increase. Leading the way in job creations are manufacturing, wholesale trade, transportation, warehouse and leisure and hospitality sectors.
“As we go into the end of the year, we continue to notice the increase of jobs in Miami-Dade County,” stated Michael Finney, President & CEO of the Miami- Dade County. “With the on-going support of One Community One Goal in identifying fast-growing industries such as Trade& Logistics and Life Sciences & Healthcare, Miami will continue to notice this upward trend in job creation coming into 2018.”
The numbers analyzed
The not seasonally adjusted unemployment rate for Miami- Dade County was 4.6 in November 2017, which means there was no change from October 2017. The 4.6 percent unemployment rate is the lowest since May 2008, prior the Great Recession. Compared to last year November there was a 0.4 percentage point decrease with the unemployment rate at 5.0 percent. Below the graph compares the unemployment rate for Miami-Dade County with that of the United States. It shows that Miami-Dade County tracks the unemployment rate of the United States, but at a slightly higher rate.
In November 2017, the seasonally adjusted unemployment rate for Miami-Dade County (taking seasonal fluctuations in the labor force into consideration) was 4.6 percent, which was a 0.9 percentage point lower than November 2016.
Miami-Dade County has created 27,100 new nonagricultural payroll jobs (not seasonally adjusted), from November 2016 to November 2017 which was a 2.3 percent increase. At the same time, between October 2017 and November 2017, Miami-Dade County increased nonagricultural payroll jobs by 13,900 or 1.2 percentage point increase. The graphs below show the payroll data since March 2016.
| Sector | October 2017 – November 2017 Job Change (%) | November 2016 – November 2017 Job Change (%) |
| Retail Trade | +5,000 (+3.4%) | +1,400 (+0.9%) |
| Transportation, Warehousing, & Utilities | +4,300 (+5.9%) | +4,400 (+6.1%) |
| Leisure and Hospitality | +2,200 (+1.5%) | +2,500 (+1.7%) |
| Professional & Business Service | +1,700 (+1.0%) | +2,300 (+1.3%) |
| Manufacturing | + 1,400 (+ 3.4%) | +1,600 (+3.9%) |
| Wholesale Trade | +1,300 (+1.7%) | +5,100 (+6.9%) |
| Financial Activities | +1,200 (+1.5%) | +700 (+0.9%) |
| Total Government | + 500 (+ 0.3%) | + 2,200 (+ 1.5%) |
| Information | +100 (+0.5%) | 0 (0%) |
| Other Services | -600 (-1.0%) | +2,600 (+4.7%) |
| Construction | -1,500 (-3.3%) | +300 (+0.7%) |
| Education & Health Services | -1,700 (-0.9%) | +4,000 (+2.2%) |
| November 2017 Unemployment Rate (Seasonally Adjusted) |
November 2017 Unemployment Rate (Not Seasonally Adjusted) |
November 2016 to November 2017 Unemployment Rate Change (not seasonally adjusted) |
|
| Miami-Dade County | 4.6% | 4.6% | -0.4% |
| Broward/Palm Beach/ Miami-Dade | * | 3.6% | 0% |
| Florida | 3.6% | 3.8% | -1.0% |
| United States | 4.1% | 3.9% | -0.5% |
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 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.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.
* The seasonally adjusted unemployment rate was unavailable at the time this report was composed.
