Miami-Dade Continues Adding Thousands of Jobs

Miami-Dade Continues Adding Thousands of Jobs

 

Key Takeaways

 

  • The August 2021 unemployment rate improved compared to last year.
    • This August’s unemployment report shows that the unemployment rate decreased by 2.4% compared to August of 2020.
    • Nonagricultural payroll jobs increased by 68,000 from August 2020 to August 2021; a 6.2% increase.
    • There was an increase of 12,800 nonagricultural payroll jobs, a 1.1% increase from July 2021 to August 2021.

Unemployment Rate in Miami-Dade County (not seasonally adjusted)

 

As Miami-Dade County is returning to life after the pandemic, unemployment rates have decreased in the last few months at the local and national levels. This August’s unemployment report shows that the unemployment rate decreased by 2.4% compared to August of 2020. The unemployment rate increased by 0.2%, from 6.5% in July 2021 to 6.7% in August 2021.

 

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 August of 2020.

Non-agricultural Payroll Jobs (not seasonally adjusted) – Miami-Dade County

 

  • Nonagricultural payroll jobs increased by 68,000 from August 2020 to August 2021; a 6.2% increase.
  • There was an increase of 12,800 nonagricultural payroll jobs, a 1.1% increase from July 2021 to August 2021.
  • When analyzing the numbers by sector, most sectors experienced an increase in the number of jobs compared to last year.

 

The table below shows that most industries experienced an increase in the number of jobs compared to last year. The industries with the largest gains from July of 2021 include total government and transportation, warehousing and utilities. The government sector experienced a large increase in jobs due to school district employees returning to work after the summer. Industries experiencing the largest gains since August of 2020 include 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. Manufacturing, and Leisure and Hospitality show the lowest job growth from July to August of 2021. Construction and manufacturing show the lowest job growth from August 2020 to August of 2021.

 

Nonagricultural Employment

MIAMI-MIAMI BEACH-KENDALL MD (Not Seasonally Adjusted)

 

 July 2021 to August 2021 changeAugust 2020 to August 2021 change
Industry

Level

PercentLevel

Percent

Leisure and Hospitality

-100

-0.1%29,600

33.8%

Professional and Business Services

2,300

1.2%17,600

10.2%

Transportation, Warehousing, and Utilities

1,300

1.6%6,800

9.0%

Financial Activities

100

0.1%5,500

6.9%

Other Services

-200

-0.4%4,000

9.2%

Retail Trade

200

0.2%2,700

2.1%

Education and Health Services

300

0.2%2,300

1.3%

Total Government

9,500

7.2%1,700

1.2%

Wholesale Trade

0

0.0%1,000

1.4%

Information

200

1.1%500

2.8%

Manufacturing

-900

-2.2%-500

-1.2%

Construction

100

0.2%-3,200

-6.0%

 

All Counties shown below have improved unemployment rates compared to August of 2020, with Palm Beach County showing the lowest rate.

 

 

 

August 2021
Unemployment Rate
(Not Seasonally Adjusted)

August 2020 to

August 2021
Unemployment Rate Change (Not Seasonally Adjusted)

Miami-Dade County

6.7%

-2.4%

Broward County

4.9%

-4.6%

Palm Beach County

4.7%

-3.4%

Florida

5%

-3%

United States

5.3%

-3.2%

 

Unemployment Rate Decreases 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 6.7% for August of 2021, which is 2.1% lower than in August of 2020. This August’s unemployment rate is 0.2% lower than the previous month.

 

From the data and analysis above, we continued to observe lower unemployment rates, which signals economic recovery. 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.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.

 

 

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