Overall unemployment rate moved down to 2.8% with the biggest shift in Business Services, which lost 4,000 roles, based on the most recently available information published in April 2022.
Total employment in the Miami-Fort Lauderdale-West Palm Beach, FL market declined by 15,535 jobs in March and the unemployment rate decreased compared to the prior month by 20 bps to 2.8%. The national unemployment rate decreased by 39 bps over the same time to 3.8%.
- Miami-Fort Lauderdale-West Palm Beach, FL unemployment rate is 95 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 March 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 stayed flat. Key sectors include:
- Transportation & Utilities: 633,200; -2,000
- Business Services: 478,500; -4,000
- Education & Healthcare: 415,600; -1,000
- Restaurants & Hotels: 322,000; +3,900
- Government: 304,900; -500
- Financial Services: 200,900; -300
- Other Jobs: 115,200; +1,100
- Manufacturing: 93,700; +1,600
- IT & Development: 52,200; no change
Data is based on the most recent 12 months available, through March 2022 (Data published April 2022 and reports created on April 27, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.