Overall unemployment rate moved down to 2.2% with the biggest shift in Restaurants & Hotels, which gained 4,900 roles, based on the most recently available information published in April 2023.
Total employment in the Miami-Fort Lauderdale-West Palm Beach, FL market rose by 34,084 jobs in February and the unemployment rate decreased compared to the prior month by 10 bps to 2.2%. The national unemployment rate increased by 3 bps over the same time to 3.9%.
- Miami-Fort Lauderdale-West Palm Beach, FL unemployment rate is 169 bps below the national rate which is a positive sign.
- Unemployment in the market is 80 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 2.4% and are down compared to last year at this time in the market.
For key employment segments of the market, total jobs grew by 0.6% . Key sectors include:
- Transportation & Utilities: 649,500; +1,800
- Business Services: 516,300; +2,600
- Education & Healthcare: 436,700; +3,400
- Restaurants & Hotels: 334,000; +4,900
- Government: 309,000; +3,000
- Financial Services: 210,300; -1,900
- Other Jobs: 114,400; +1,900
- Manufacturing: 96,600; +1,400
- IT & Development: 54,600; -100
Data is based on the most recent 12 months available, through February 2023 (Data published April 2023 and reports created on April 10, 2023). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.