Miami-Dade County’s Unemployment Rate Drops to 3.8%, Lowest Since October 2020

Key Takeaways

  • The unemployment rate dropped from 5.7% in September 2021 to 3.8% in October 2021.
  • Nonagricultural payroll jobs increased by 69,300 from October 2020 to October 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.
  • The industries with the largest growth from September of 2021 include Professional Services and Leisure & Hospitality.

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 October’s unemployment report shows that the unemployment rate decreased to 3.8% compared to 8.5% in October of 2020. The unemployment rate decreased by 1.9%, from 5.7% in September 2021 to 3.8% in October 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 October of 2020.

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

  • Nonagricultural payroll jobs increased by 69,300 from October 2020 to October 2021; a 6.2% increase. This represents a record number of jobs added since October of 2020.
  • There was an increase of 18,800 nonagricultural payroll jobs, a 1.6% increase from September 2021 to October 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 growth from September of 2021 include Professional Services and Leisure & Hospitality. Industries experiencing the largest gains since October of 2020 include leisure and hospitality and transportation, warehousing and utilities. This is to be expected as the hospitality industry lost the largest numbers of jobs at the beginning of the pandemic. None of the industries shown on the table below show a decrease in jobs compared to September. The industries that presented the lowest growth are wholesale trade and government. Compared to October of 2020, construction is the only industry (from the table below) that shows a decrease in jobs.

Nonagricultural Employment

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

 

 September 2021 to October 2021 changeOctober 2020 to October 2021 change
IndustryLevelPercentLevelPercent
Leisure and Hospitality3,4002.9%21,80022.3%
Professional and Business Services4,6002.4%21,50012.3%
Transportation, Warehousing, and Utilities1,7002.1%9,50012.8%
Financial Activities1,1001.3%5,5006.9%
Retail Trade2,2001.6%4,8003,6%
Other Services5001%4,0009.0%
Education and Health Services2,8001.5%1,4000.7%
Total Government3000.2%6000.4%
Manufacturing6001.5%5001.2%
Information2001.1%3001.6%
Wholesale Trade00%1000.1%
Construction1,4002.7%-700-1.3%

All Counties shown below have improved unemployment rates compared to October of 2020, with Miami-Dade County showing the lowest rate.

 

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

October 2021
Unemployment Rate Change (Not Seasonally Adjusted)

Miami-Dade County3.8%-4.7%
Broward County4.2%-1.9%
Palm Beach County4%-1.1%
Florida 4%-1.6%
United States4.3%-2.3%

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 5.7% for October of 2021, which is 2.8% lower than in October of 2020. This October’s unemployment rate is 0.6% lower than the previous month.

Unemployment Rate in Miami-Dade County (seasonally adjusted)

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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