Overall unemployment rate moved up to 2.6% with the biggest shift in Government, which lost 21,600 roles, based on the most recently available information published in August 2022.
Total employment in the Miami-Fort Lauderdale-West Palm Beach, FL market declined by 317 jobs in June and the unemployment rate increased compared to the prior month by 20 bps to 2.6%. The national unemployment rate increased by 46 bps over the same time to 3.8%.
- Miami-Fort Lauderdale-West Palm Beach, FL unemployment rate is 124 bps below the national rate which is a positive sign.
- Unemployment in the market is 290 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in June versus prior month by 5.6% and are down compared to last year at this time in the market.
For key employment segments of the market, total jobs declined by -0.5%. Key sectors include:
- Transportation & Utilities: 638,200; +3,800
- Business Services: 489,000; +2,500
- Education & Healthcare: 415,100; -4,600
- Restaurants & Hotels: 327,200; +2,300
- Government: 285,100; -21,600
- Financial Services: 201,600; -300
- Other Jobs: 118,700; +2,200
- Manufacturing: 96,200; +1,200
- IT & Development: 52,800; +200
Data is based on the most recent 12 months available, through June 2022 (Data published August 2022 and reports created on August 3, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.