Miami-Dade’s Unemployment Rate Drops to Lowest Level Since Recession
(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.
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.
* The seasonally adjusted unemployment rate is unavailable at the time this report was composed.
About The Miami-Dade Beacon Council
The Miami-Dade Beacon Council is Miami-Dade County’s official economic development partnership. The not-for-profit public-private organization focuses on job creation and economic growth. Since 1985, the organization has assisted more than 1,000 businesses that have created nearly 67,000 direct jobs and added more than $4.3 billion in new capital investments. It accomplishes this by marketing Miami-Dade as a world-class business location, growing local companies and shaping the local economy’s future. For more information, visit www.beaconcouncil.com