Overall unemployment rate moved up to 3.4% with the biggest shift in Transportation & Utilities, which lost 12,600 roles, based on the most recently available information published in March 2022.
Total employment in the Miami-Fort Lauderdale-West Palm Beach, FL market declined by 28,989 jobs in January and the unemployment rate increased compared to the prior month by 80 bps to 3.4%. The national unemployment rate increased by 74 bps over the same time to 4.4%.
- Miami-Fort Lauderdale-West Palm Beach, FL unemployment rate is 103 bps below the national rate which is a positive sign.
- Unemployment in the market is 320 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in January versus prior month by 9% and are up compared to last year at this time in the market.
For key employment segments of the market, total jobs declined by -1.2%. Key sectors include:
- Transportation & Utilities: 626,000; -12,600
- Business Services: 483,300; -5,100
- Education & Healthcare: 407,900; -7,700
- Restaurants & Hotels: 312,600; -400
- Government: 303,900; -3,300
- Financial Services: 201,400; +1,300
- Other Jobs: 111,900; -1,000
- Manufacturing: 90,100; -1,700
- IT & Development: 52,100; -600
Data is based on the most recent 12 months available, through January 2022 (Data published March 2022 and reports created on March 18, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.