Miami-Dade’s Unemployment Rate Continues its downward trend at 3.2%, the lowest since November 2007
DECEMBER EMPLOYMENT REPORT
Presented by CareerSource
The numbers analyzed
In November 2018, Miami-Dade County area was the second largest metro area in year-over-the-year job gains in Florida, following Orlando-Kissimmee-Sanford area. The County created 24,200 new nonagricultural payroll jobs (not seasonally adjusted), from November 2017 to November 2018 which was a 2.0 percent increase. The jobs were created in different industries with the highest job creation occurring in Construction (7,900), Transportation, Warehousing & Utilities (7,300), Education & Health Services (7,100), Leisure and Hospitality (4,100) Manufacturing (3,600). The graphs below show the payroll data since February 2017.
|Sector||Nov 2017 – Nov 2018||Oct 2018 – Nov 2018|
|Construction||+7,900 (+16.7%)||+600 (+1.1%)|
|Transportation, Warehousing, & Utilities||+7,300 (+9.6%)||+1,300 (+1.6%)|
|Education & Health Services||+7,100 (+3.8%)||-300 (-0.2%)|
|Leisure and Hospitality||+4,100 (+2.9%)||+2,000 (+1.4%)|
|Manufacturing||+3,600 (+8.3%)||-900 (-1.9%)|
|Other Services||+1,400 (+2.7%)||+500 (+1.0%)|
|Information||+600 (+3.2%)||+400 (+2.1%)|
|Financial Activities||+200 (+0.2%)||‘+1,000 (+1.3%)|
|Total Government||0 (0%)||+500 (+0.3%)|
|Professional & Business Services||-1,100 (-0.6%)||+1,400 (+0.8%)|
|Retail Trade||-2,700 (-1.8%)||+4,300 (+2.9%)|
|Wholesale Trade||-4,300 (-5.7%)||-200 (-0.3%)|
The not seasonally adjusted unemployment rate for Miami-Dade County was 3.2 in November 2018. Compared to last year November there was a 1.3 percentage point decrease from the unemployment rate at 4.5 percent. Below the graph compares the unemployment rate for Miami-Dade County with that of the United States since February 2017. It shows that Miami-Dade County was tracking the unemployment rate of the United States until November 2018 when it was 0.3 percent lower than the unemployment rate of The United States.
In November 2018, the seasonally adjusted unemployment rate for Miami-Dade County (taking seasonal fluctuations in the labor force into consideration) was 3.7 percent, which was a 1.0 percentage point lower than in November 2017.
(Not Seasonally Adjusted)
|November 2017 to November 2018|
Unemployment Rate Change
(not seasonally adjusted)
|Palm Beach County||3.0%||-0.8%|
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.
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