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(Miami, FL – Dec. 16, 2016) – Miami-Dade’s unemployment rate dropped to 5 percent, the lowest rate since the recession, and payroll jobs reached a historical high of 1.16 million employed, according to statistics released Friday.
“Our target industries including banking and finance (financial activities) and trade and logistics (wholesale trade) continue to grow, providing higher paying jobs,” said Jaap Donath, Ph.D., Senior Vice President, Research & Strategic Planning for the Miami-Dade Beacon Council. “Our labor force grew compared to last month and last year, which shows continued confidence in the strength of our local economy,”
The numbers analyzed
Miami-Dade County created 18,000 new nonagricultural payroll jobs (not seasonally adjusted), from November 2015 to November 2016 which was a 1.6 percent increase. 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. Between October 2016 and November 2016, Miami-Dade County increased nonagricultural payroll jobs by 14,900 or a 1.3 percent increase. The nonagricultural payroll jobs reach a historical high at 1,163,700 people employed.
The not seasonally adjusted unemployment rate for Miami- Dade County was 5.0 in November 2016, which was a 0.6 percentage point decrease from November 2015 at 5.6 percent. The unemployment rate declined 0.3 percent between October 2016 and November 2016. The November 2016 unemployment rate of 5.0 percent was the lowest rate since the Great Recession began. The last time the unemployment rate was near 5.0 percent was in June 2008 when the unemployment rate was 4.9 percent.
In November 2016, the seasonally adjusted unemployment rate for Miami-Dade County (taking seasonal fluctuations in the labor force into consideration) was 5.4 percent, which is 0.1 percentage points higher than October 2016 at 5.3 percent, and a 0.7 percentage point decrease from November 2015 at 6.1 percent.
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