Miami-Dade County Finishes Year with Encouraging Unemployment Figures

Key Takeaways

  • Miami-Dade County’s unemployment continues decreasing as year 2021 comes to an end.
  • The unemployment rate fell from 8.2% in November of 2020 to 3.7% this November. This is the lowest unemployment rate since the COVID-19 crisis began in March 2020 when the unemployment rate for March 2020 was 2.2%.
  • Nonagricultural payroll jobs increased by 70,100 from November 2020 to November 2021; a 6.2% increase.
  • When analyzing the numbers by sector, almost all sectors 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 November’s unemployment report shows that the unemployment rate decreased to 3.7% compared to 8.2% in November of 2020. The unemployment rate decreased by 0.1%, from 3.8% in October 2021 to 3.7% in November 2021.  Miami-Dade County’s unemployment rate is lower than the country’s unemployment rate, which was not the case for most of the pandemic.

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 November of 2020.

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

  • Nonagricultural payroll jobs increased by 70,100 from November 2020 to November 2021; a 6.2% increase.
  • There was an increase of 16,500 nonagricultural payroll jobs, a 1.4% increase from October 2021 to November 2021.
  • Miami-Dade County had the third largest payroll growth compared to other metro areas in Florida between November 2020 and November 2021.
  • When analyzing the numbers by sector, almost all sectors experienced an increase in the number of jobs compared to last year.

The table below shows that almost all industries experienced an increase in the number of jobs compared to last year. The industries with the largest gains since November 2020 include Professional and Business Services and Leisure and Hospitality. This is to be expected as the hospitality industry lost the largest numbers of jobs at the beginning of the pandemic. Education and Health Services and Construction  experienced the lowest number of jobs since November of 2020.

Nonagricultural Employment

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

 

 October 2021 to November 2021 changeNovember 2020 to November 2021 change
IndustryLevelPercentLevelPercent
Professional and Business Services3,8001.9%22,60012.8%
Leisure and Hospitality3,0002.5%19,80019.3%
Transportation, Warehousing, and Utilities3,5004.1%10,20013.1%
Financial Activities1,0001.2%5,6007%
Other Services1,4002.9%5,10011.4%
Retail Trade2,6001.9%3,9002.9%
Total Government1,1000.8%2,3001.6%
Wholesale Trade6000.9%1,5002.2%
Information3001.6%3001.6%
Manufacturing7001.7%1000.2%
Construction-500-1.0%-600-1.2%
Education and Health Services-1,100-0.5%-700-0.4%

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

 

 

November 2021
Unemployment Rate
(Not Seasonally Adjusted)
November 2020 to

November 2021
Unemployment Rate Change (Not Seasonally Adjusted)

Miami-Dade County3.7%-4.5%
Broward County3.8%-1.4%
Palm Beach County3.5%-0.9%
Florida 3.6%-1.4%
United States3.9%-2.5%

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 5.1% for November of 2021, which is 3.4% lower than in November of 2020. This November’s unemployment rate is 5.1%, 0.6% lower than the previous month.

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.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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