Overall unemployment rate moved up to 2.6% with the biggest shift in Transportation & Utilities, which lost 1,400 roles, based on the most recently available information published in March 2023.
Total employment in the Palm Bay-Melbourne-Titusville, FL market declined by 4,211 jobs in January and the unemployment rate increased compared to the prior month by 40 bps to 2.6%. The national unemployment rate increased by 60 bps over the same time to 3.9%.
- Palm Bay-Melbourne-Titusville, FL unemployment rate is 126 bps below the national rate which is a positive sign.
- Unemployment in the market is 70 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 1.3% and are down compared to last year at this time in the market.
Month over Month Unemployment Change
Year over Year Unemployment Change
For key employment segments of the market, total jobs declined by -1.2%. Key sectors include:
- Transportation & Utilities: 40,600; -1,400
- Business Services: 40,500; -600
- Education & Healthcare: 39,300; +100
- Manufacturing: 32,900; -100
- Restaurants & Hotels: 28,900; -300
- Government: 28,200; -300
- Construction, Mining: 17,400; -500
- Other Jobs: 8,800; no change
- Financial Services: 8,400; no change
- IT & Development: 2,500; no change
Employment Change by Key Sector
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.