Overall unemployment rate moved up to 2.3% with the biggest shift in Transportation & Utilities, which lost 12,400 roles, based on the most recently available information published in March 2023.
Total employment in the Miami-Fort Lauderdale-West Palm Beach, FL market rose by 13,516 jobs in January and the unemployment rate increased compared to the prior month by 40 bps to 2.3%. The national unemployment rate increased by 60 bps over the same time to 3.9%.
- Miami-Fort Lauderdale-West Palm Beach, FL unemployment rate is 156 bps below the national rate which is a positive sign.
- Unemployment in the market is 110 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 1.7% and are up compared to last year at this time in the market.
For key employment segments of the market, total jobs declined by -1.0%. Key sectors include:
- Transportation & Utilities: 649,200; -12,400
- Business Services: 513,100; -4,000
- Education & Healthcare: 432,300; -5,600
- Restaurants & Hotels: 330,800; no change
- Government: 307,800; -300
- Financial Services: 212,300; -2,300
- Other Jobs: 112,800; -100
- Manufacturing: 95,200; -1,500
- IT & Development: 54,300; -1,600
Data is based on the most recent 12 months available, through January 2023 (Data published March 2023 and reports created on March 17, 2023). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.