Overall unemployment rate moved down to 3.0% with the biggest shift in Restaurants & Hotels, which gained 7,700 roles, based on the most recently available information published in April 2022.
Total employment in the Miami-Fort Lauderdale-West Palm Beach, FL market rose by 28,914 jobs in February and the unemployment rate decreased compared to the prior month by 40 bps to 3.0%. The national unemployment rate decreased by 28 bps over the same time to 4.1%.
- Miami-Fort Lauderdale-West Palm Beach, FL unemployment rate is 114 bps below the national rate which is a positive sign.
- Unemployment in the market is 310 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in February versus prior month by 8.8% and are up compared to last year at this time in the market.
For key employment segments of the market, total jobs grew by 1.0% . Key sectors include:
- Transportation & Utilities: 634,700; +6,200
- Business Services: 482,300; +2,800
- Education & Healthcare: 414,900; +4,900
- Restaurants & Hotels: 320,000; +7,700
- Government: 305,500; +1,600
- Financial Services: 200,600; +800
- Other Jobs: 113,700; +1,100
- Manufacturing: 91,600; +1,400
- IT & Development: 52,800; +500
Data is based on the most recent 12 months available, through February 2022 (Data published April 2022 and reports created on April 6, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.