Overall unemployment rate moved down to 2.4% with the biggest shift in Government, which gained 2,800 roles, based on the most recently available information published in June 2022.
Total employment in the Miami-Fort Lauderdale-West Palm Beach, FL market rose by 20,148 jobs in May and the unemployment rate decreased compared to the prior month by 10 bps to 2.4%. The national unemployment rate increased by 4 bps over the same time to 3.4%.
- Miami-Fort Lauderdale-West Palm Beach, FL unemployment rate is 98 bps below the national rate which is a positive sign.
- Unemployment in the market is 270 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in May versus prior month by 7.9% and are up compared to last year at this time in the market.
For key employment segments of the market, total jobs grew by 0.3% . Key sectors include:
- Transportation & Utilities: 633,800; +1,700
- Business Services: 485,100; +1,000
- Education & Healthcare: 416,800; +1,500
- Restaurants & Hotels: 324,600; +700
- Government: 306,700; +2,800
- Financial Services: 201,400; -1,400
- Other Jobs: 116,700; +200
- Manufacturing: 95,500; +1,100
- IT & Development: 52,700; +500
Data is based on the most recent 12 months available, through May 2022 (Data published June 2022 and reports created on June 29, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.