| MIAMI-DADE COUNTY’S UNEMPLOYMENT RATE FALLS
FOR THE FIFTH MONTH IN A ROW (Miami, FL – Dec. 16, 2011) Miami-Dade County’s unemployment rate fell again for the fifth month in a row – since July -- and other economic signs, including job gains, are also showing an improvement in the local recovery.
“We see a positive trend developing on the employment front, but there is still a lot of work to do,” said Frank R. Nero, President and CEO of The Beacon Council, the county’s official economic development partnership. “We are looking to see what happens after the holidays as clearly a lot of the growth was in the retail section, but it’s a good trend especially during the holiday season when families get together.”
The numbers analyzed
The county’s not seasonally adjusted unemployment rate for November 2011 was 9.4 percent and the seasonally adjusted unemployment rate (taking in consideration seasonal fluctuations in the labor force) was 10.2 percent. This is compared to 10.7 percent not seasonally adjusted and 10.8 percent seasonally adjusted in October 2011 – a decrease of 1.3 percentage points and 0.6 percentage points respectively. Between November 2010 and November 2011, Miami-Dade County gained 18,700 new nonagricultural jobs, an increase of 1.9 percent. In addition, the community added 7,000 new nonagricultural jobs between October 2011 and November 2011, an increase of 0.7 percent. Our community had the second largest year-over-year gain in the State of Florida after the Tampa area, a trend we’ve been seeing for several months. The November 2011 unemployment rate for the State of Florida was 9.8 percent, a decrease of 0.3 percentage points compared to October 2011. The U.S. unemployment rate was 8.2 percent in November 2011 compared to 8.5 percent in October 2011. For neighboring Broward County, the unemployment rate in November 2011 was 8.9 percent. The rate was the same in October 2011 and a decrease of 1.8 percentage points compared to November 2010. For Palm Beach County, it was 10.1 percent, a decrease of 0.2 percentage points compared to October 2011 and a decrease of 2.3 percentage points compared to November 2010. The overall unemployment rate for the tri-county area in November 2011 was 9.4 percent (10.0 percent in October 2011). The South Florida region (Miami-Ft. Lauderdale-Pompano Beach MSA) added 30,200 non-agricultural jobs between November 2010 and November 2011. Between October 2011 and November 2011 the region gained 15,400 jobs. Non-agricultural companies in Miami-Dade County added 18,700 new jobs between November 2010 and November 2011, an increase of 1.9 percent. During this time frame, several sectors saw improvements including Wholesale Trade, Retail Trade, Transportation, Warehousing and Utilities, Professional and Business Services, and Leisure and Hospitality. Construction lost 400 jobs. Financial Activity and Manufacturing lost 2,100 and 900 jobs respectively between November 2010 and November 2011. Sector
November 2010 – November 2011 Job Change (% Change)
Professional & Business Services – 4,300 (+3.3%)
Retail Trade – 5,000 (+4.0%)
Leisure & Hospitality – 2,600 (+2.4%)
Hospitals – 2,200 (+5.1%)
Ambulatory Health Care Services – 2,600 (+5.1%)
Local Government – 600 (+0.5%)
Transportation, Warehousing, and Utilities – 1,000 (+1.7%)
Wholesale Trade – 1,500 (+2.2%)
State Government – 100 (+0.6%)
Between October 2011 and November 2011, 7,000 jobs were added or a 0.7 percent increase. Major sectors that added jobs between October 2011 and November 2011 included Wholesale Trade, Retail Trade, Transportation, Warehousing and Utilities, Information, Financial Activities, and Leisure and Hospitality. The major sectors that lost jobs between October 2011 and November 2011 were Construction (500 jobs lost or 1.6 percent decline) and Professional and Business Services (2,000 jobs lost or 1.5 percent decline).
Sector
October 2011 – November 2011 Job Change (% Change)
Retail Trade – 4,500 (+3.6%)
Wholesale Trade – 1,600 (+2.3%)
Leisure & Hospitality – 1,400 (+1.3%)
Ambulatory Health Care Services – 900 (+1.7%)
Financial Activities – 400 (+0.7%)
Transportation, Warehousing, and Utilities – 400 (+0.7%)
Information 100 – (+0.6%) From the data and analysis above, we see that there is continued improvement in the local economy, but the community needs to remain focused on job creation projects in a wide variety of sectors in order to create additional well paying new job opportunities for people looking for work that will allow for them and their families to enjoy the quality of life in Miami-Dade County. The Beacon Council continues to aggressively work on attracting new companies to our community and working on the expansion and retention of existing business. We promote Miami-Dade County as a global business center through our “Miami: Where Worlds Meet” campaign. We strongly urge that a top focus of both the public and private sector continues to be on the retention and recruitment of new jobs. Source: The Miami-Dade Beacon Council
MIAMI-DADE COUNTY’S UNEMPLOYMENT RATE DROPS AGAIN (Miami, FL – Nov. 18, 2011) Unemployment numbers released Friday show another significant drop for Miami-Dade County, just as residents begin to prepare for the holiday shopping season.
October’s seasonally unadjusted unemployment rate for Miami-Dade County was announced at 10.7 percent and the seasonally adjusted rate at 10.8, both are down from September’s 11.5 percent rate, which is both unadjusted and adjusted.
“We are seeing a significant increase in the number of companies interested in opening or expanding in Miami-Dade County, and if all goes well, they will add more jobs for our community,” said Frank R. Nero, President and CEO of The Beacon Council.
The numbers analyzed
The not seasonally adjusted unemployment rate for October 2011 was 10.7 percent and seasonally adjusted unemployment rate (taking in consideration seasonal fluctuations in the labor force) for October 2011 was 10.8 percent. This is compared to 11.5 percent not seasonally adjusted and seasonally adjusted in September 2011, a decrease of 0.8 percentage points and 0.7 percentage points respectively.
Between October 2010 and October 2011, Miami-Dade County gained 18,900 new nonagricultural jobs, an increase of 1.9 percent. In addition, the community added 9,800 new nonagricultural jobs between September 2011 and October 2011, an increase of 1.0 percent. Our community had the second largest year-over-year gain in the State of Florida again after the Tampa area.
The October 2011 unemployment rate for the State of Florida was 10.1 percent, a decrease of 0.5 percentage points compared to September 2011. The United States unemployment rate was 8.5 percent in October 2011 compared to 8.8 percent in September 2011.
For neighboring Broward County, the unemployment rate in October 2011 was 8.9 percent, a decrease of 0.5 percentage points from September 2011 and a decrease of 1.2 percentage points compared to October 2010.
For Palm Beach County, it was 10.3 percent, a decrease of 0.6 percentage points compared to September 2011 and a decrease of 1.6 percentage points compared to October 2010.
The overall unemployment rate for the tri-county area in October 2011 was 10.0 percent (10.7 percent in September 2011). The South Florida region (Miami-Ft. Lauderdale-Pompano Beach MSA) added 31,200 non-agricultural jobs between October 2010 and October 2011. Between September 2011 and October 2011 the region gained 16,000 jobs. Miami-Dade County
Non-agricultural companies in Miami-Dade County added 18,900 new jobs between October 2010 and October 2011, an increase of 1.9 percent. During this time frame, several sectors saw improvements including Wholesale Trade, Retail Trade, Transportation, Warehousing and Utilities, Professional and Business Services, and Leisure and Hospitality. Construction lost 400 jobs. Financial Activity and Manufacturing lost 2,500 and 1,100 jobs respectively between October 2010 and October 2011. Sector
October 2010 – October 2011 Job Change (% Change)
Professional & Business Services – 6,600 (+5.1%)
Retail Trade – 3,100 (+2.5%)
Leisure & Hospitality – 2,500 (+2.3%)
Hospitals – 2,300 (+5.4%)
Ambulatory Health Care Services – 2,000 (+4.0%)
Local Government – 1,900 (+1.7%)
Transportation, Warehousing, and Utilities – 1,300 (+2.3%)
Wholesale Trade – 500 (+0.7%)
State Government – 300 (+1.7%)
Federal Government – 100 (+0.5%)
Between September 2011 and October 2011, 9,800 jobs were added or a 1.0 percent increase. Major sectors that added jobs between September 2011 and October 2011 included Construction, Wholesale Trade, Retail Trade, Information, Professional and Business Services, and all levels of Government. The major sector that lost jobs between September 2011 and October 2011 were Financial Activities (800 jobs lost or 1.3 percent decline), Manufacturing (200 jobs lost or 0.6 percent decline), and Transportation, Warehousing, and Utilities (100 jobs lost or 0.2 percent decline).
Sector
September 2011 – October 2011 Job Change (% Change)
Leisure and Hospitality – 2,100 (+2.0%)
Professional & Business Services – 1,900 (+1.4%)
Local Government – 1,300 (+1.1%)
Retail Trade – 1,100 (+0.9%)
Ambulatory Health Care Services – 700 (+1.4%)
State Government – 400 (+2.3%)
Construction – 300 (+1.0%)
Hospitals – 300 (+0.7%)
Information – 300 (+1.8%)
Federal Government – 200 (+1.0%)
Wholesale Trade – 200 (+0.3%) From the data and analysis above we see that there is continued improvement in the local economy, but the community needs to remain focused on job creation projects in a wide variety of sectors in order to create additional well paying new job opportunities for people looking for work that will allow for them and their families to enjoy the quality of life in Miami-Dade County. The Beacon Council continues to aggressively work on attracting new companies to our community and working on the expansion and retention of existing business. Source: The Miami-Dade Beacon Council
MIAMI-DADE COUNTY’S UNEMPLOYMENT RATE DROPS (Miami, FL – Oct. 21, 2011) According to the unemployment numbers released Friday, Miami-Dade County had the second largest year-over-year gain in the State of Florida (after the Tampa area), gaining 15,500 new payroll nonagricultural jobs for an increase of 1.6 percent.
“The good news is we have seen positive net gains for a full year now, since September 2010,” said Frank R. Nero, President and CEO of The Beacon Council, Miami-Dade County’s official economic development partnership. “But we would like to see the unemployment rate return to the single-digit level.”
The numbers analyzed
The not seasonally adjusted unemployment rate and the seasonally adjusted unemployment rate (taking in consideration seasonal fluctuations in the labor force) for September 2011 was 11.5 percent compared to 12.6 percent not seasonally adjusted and 12.2 percent seasonally adjusted in August 2011. This was a decrease of 1.1 percentage points and 0.7 percentage points respectively. Between September 2010 and September 2011, Miami-Dade County gained 15,500 new nonagricultural jobs, an increase of 1.6 percent. Our community had the second largest year-over-year gain in the State of Florida after the Tampa area.
In addition, the community added 4,400 new nonagricultural jobs between August 2011 and September 2011, an increase of 0.4 percent.
The September 2011 unemployment rate for the State of Florida was 10.6 percent, a decrease of 0.4 percentage points compared to August 2011. The United States unemployment rate was 8.8 percent in September 2011 compared to 9.1 percent in August 2011.
For neighboring Broward County, the unemployment rate in September 2011 was 9.3 percent, a decrease of 0.2 percentage points from August 2011 and a decrease of 1.0 percentage points compared to September 2010. For Palm Beach County, it was 10.9 percent, a decrease of 0.2 percentage points compared to August 2011 and a decrease of 1.3 percentage points compared to September 2010.
The overall unemployment rate for the tri-county area in September 2011 was 10.6 percent (11.2 percent in August 2011). The South Florida region (Miami-Ft. Lauderdale-Pompano Beach MSA) added 24,200 non-agricultural jobs between September 2010 and September 2011. Between August 2011 and September 2011, the region gained 2,600 jobs.
Non-agricultural companies in Miami-Dade County added 15,500 new jobs between September 2010 and September 2011, an increase of 1.6 percent. During this time frame, several sectors saw improvements including Wholesale Trade, Retail Trade, Transportation, Warehousing and Utilities, Professional and Business Services, and Leisure and Hospitality. Construction lost 1,200 jobs and Federal Government lost 200 jobs. Financial Activity and Manufacturing lost 1,600 and 1,300 jobs respectively between September 2010 and September 2011. Sector
September 2010 – September 2011 Job Change (% Change)
Professional & Business Services – 4,500 (+3.5%)
Retail Trade – 2,700 (+2.2%)
Hospitals – 2,500 (+5.9%)
Leisure & Hospitality – 2,200 (+2.1%)
Local Government – 1,900 (+1.7%)
Transportation, Warehousing, and Utilities – 1,900 (+3.3%)
Ambulatory Health Care Services – 1,000 (+2.0%)
Wholesale Trade – 700 (+1.0%)
State Government – 400 (+2.3%)
Between August 2011 and September 2011, 4,400 jobs were added or a 0.4 percent increase. Major sectors that added jobs between August 2011 and September 2011 included Hospitals, Professional and Business Services and Local Government. The major sector that lost jobs between August 2011 and September 2011 were Retail Trade (1,700 jobs lost or 1.3 percent decline), Financial Activities (600 jobs lost or 1.0 percent decline), Professional & Business Services (100 jobs lost or 0.1 percent decline), Information (100 jobs lost or 0.6 percent decline) and Wholesale Trade (100 jobs lost or 0.2 percent decline). The Financial Activities sector continues to see job losses (600 jobs lost or 1.0 percent decline).
Sector
August 2011 – September 2011 Job Change (% Change)
Professional & Business Services – 1,600 (+1.2%)
Local Government – 1,100 (+1.0%)
Hospitals – 500 (+0.9%)
State Governmen – 400 (+2.3%)
Transportation, Warehousing, and Utilities – 400 (+0.7%)
Leisure and Hospitality – 200 (+0.2%) From the data and analysis above, we see a continued improvement in the local economy, but the community needs to remain focused on job-creation projects in a wide variety of sectors in order to create additional well-paying new jobs for people looking for work that will allow for them and their families to enjoy the quality of life in Miami-Dade County. The Beacon Council continues to aggressively work on attracting new companies to our community and working on the expansion and retention of existing business. We promote Miami-Dade County as a global business center through our ”Miami: Where Worlds Meet” campaign. We strongly urge that a top focus of both the public and private sector continues to be on the retention and recruitment of new jobs. Source: The Miami-Dade Beacon Council
Miami-Dade County’s unemployment rate dips in July, 2011 but job creation must continue to be a priority This month’s drop in the unemployment rate for Miami-Dade is a welcomed sign, but The Beacon Council urged community leaders on Friday to continue to focus on job creation strategies.
“This is a good start to what we hope will turn into a trend, but we need to continue to be diligent and keep our efforts up,” said Frank R. Nero, President and CEO of The Beacon Council, the county’s official economic development partnership. “Miami-Dade has to continue to diversify it's economy to be more resilient to downturns in any one sector.”
Miami-Dade County added 15,900 new nonagricultural payroll jobs between July 2010 and July 2011, an increase of 1.7 percent and the largest year-over-year gain in the State of Florida, followed by the Orlando and Tampa areas.
Miami-Dade County’s seasonally unadjusted unemployment rate dropped to 12.5 percent in July 2011 from 13.9 percent in June 2011 (down 1.4 percentage points) and from 12.9 percent a year ago in July 2010 (0.4 percentage points), according to the Florida Agency for Workforce on Friday. The seasonally adjusted numbers show a drop to 13 percent in July 2011 from 13.5 in June 2011, but up from 12.1 in July 2010. However, the labor force and the number of people unemployed also dropped.
The numbers analyzed
Although Miami-Dade County had the largest year-over-year gain in jobs in the State of Florida, as mentioned above, the community lost 2,200 jobs between June 2011 and July 2011.
The July 2011 seasonally unadjusted unemployment rate for the State of Florida was 11.0 percent, a decrease of 0.1 percentage points compared to June 2011. The United States unemployment rate was 9.3 percent in July 2011 as it was in June 2011.
For neighboring Broward County, the unemployment rate in July 2011 was 9.6 percent. This was unchanged from June 2011 and a decrease of 0.8 percentage points compared to July 2010. For Palm Beach County, it was 11.2 percent, an increase of 0.2 percentage points compared to June 2011 and a decrease of 1.1 percentage points compared to July 2010.
The overall unemployment rate for the tri-county area in July 2011 was 11.3 percent (11.8 percent in June 2011). The South Florida region (Miami-Ft. Lauderdale-Pompano Beach MSA) added 22,000 non-agricultural jobs between July 2010 and July 2011. Between June 2011 and July 2011, the region lost 15,100 jobs.
In Miami-Dade County, between July 2010 and July 2011, several sectors saw improvements including Wholesale Trade, Retail Trade, Transportation, Warehousing and Utilities, Professional and Business Services, and Leisure and Hospitality. Construction lost 800 jobs and Federal Government lost 2,000 jobs. Financial Activity and Manufacturing lost 1,100 and 1,300 jobs respectively between July 2010 and July 2011. Sector
July 2010 – July 2011 Job Change( % Change)
Professional & Business Services- 5,000 (+3.9%)
Leisure & Hospitality - 3,500 (+3.4%)
Transportation, Warehousing, and Utilities - 1,300 (+2.3%)
Hospitals - 1,100 (+2.6%)
Local Government - 2,000 (+2.0%)
Retail Trade - 3,600 (+3.0%)
State Government - 700 (+4.3%)
Wholesale Trade - 1,100 (+1.6%)
Between June 2011 and July 2011, some 2,200 jobs were lost, 0.2 percent decline. Major sectors that added jobs between June 2011 and July 2011 included Retail Trade and Hospitals. The major sector that lost jobs between June 2011 and July 2011 were Construction (200 jobs lost or 0.6 percent decline), Manufacturing (500 jobs or -1.5 percent decline), Financial Activities (500 jobs lost or -0.8 percent decline), Professional & Business Services (700 jobs lost or -0.5 percent decline), Leisure and Hospitality (2,400 jobs lost or 2.2 percent decline) and State Government (400 jobs lost or -2.3 percent decline) Local Government (800 jobs lost or 0.8 percent decline).
Sector
June 2011 – July 2011 Job Change (% Change)
Ambulatory Heath Care - 500 (+1.0%)
Wholesale Trade - 1,000 (+1.5%)
Retail Trade - 2,200 (+1.8%)
Hospitals - 500 (+1.2%) The data and analysis above shows that the community needs to continue focusing on job creation projects in order to create new job opportunities for people looking for jobs. The Beacon Council continues to aggressively work on attracting new companies to our community and working on the expansion and retention of existing business. We promote Miami-Dade County as a global business center through our”Miami: Where Worlds Meet” campaign. We strongly urge that a top focus of both the public and private sector continues to be on the retention and recruitment of new jobs. Source: The Miami-Dade Beacon Council
The numbers analyzed Miami-Dade County added 12,700 new nonagricultural jobs between June 2010 and June 2011, an increase of 1.3 percent. Our community had the largest year-over-year gain in the State of Florida, followed by the Orlando and Jacksonville areas.
However, between May 2011 and June 2011, the community lost 12,300 jobs. The seasonally adjusted unemployment rate (taking in consideration seasonal fluctuations in the labor force) for June 2011 was 13.4 percent compared to 13.5 percent in May 2011. Miami-Dade County is the only county in Florida that has seasonally adjusted rates. The not seasonally adjusted unemployment rate for June 2011 was 13.9 percent, up 0.2 percentage points compared to May 2011 (13.7%) and an increase of 1.2 percentage points compared to June 2011 (12.9%). This slight increase in the unemployment rate can be attributed to the annual reduction in jobs from Miami-Dade County Public Schools (by September many of these jobs might be filled again). In addition, there has been a reduction in other government jobs. With pending budget cuts, we might see additional job losses in government in the months to come. As the data below shows, other sectors, such as construction, added jobs between May 2011 and June 2011.
The following county data are not seasonally adjusted:
The June 2011 unemployment rate for the State of Florida was 11.1 percent. This was an increase of 0.6 percentage points compared to May 2011. The United States unemployment rate was 9.3 percent in June 2011 compared to 8.7 percent in May 2011.
For neighboring Broward County, the unemployment rate in June 2011 was 9.5 percent, an increase of 0.5 percentage points compared to May 2011 and a decrease of 0.4 percentage points compared to June 2010. Broward added 900 new nonagricultural jobs between June 2010 and June 2011 and lost 12,500 jobs between May 2011 and June 2011.
Palm Beach County’s rate was 11.0 percent, an increase of 0.7 percentage points compared to May 2011 and a decrease of 0.7 percentage points compared to June 2010. Palm Beach added 2,900 new nonagricultural jobs between June 2010 and June 2011, and lost 7,300 jobs between May 2011 and June 2011.
The overall unemployment rate for the tri-county area in June 2011 was 11.8 percent (11.4 percent in May 2011). The South Florida region (Miami-Ft. Lauderdale-Pompano Beach MSA) added 16,500 non-agricultural jobs between June 2010 and June 2011. Between May 2011 and June 2011, the region lost 32,100 jobs.
Even with a small increase in the June unemployment rate, we continue to see positive signs of new job creation. The fact that Miami-Dade County has the highest job creation number in the state shows that looking at the unemployment rate as the only economic indicator does not tell the complete picture. In addition, the data used in this analysis is based on two different data sets with their own methodology. Also, Miami-Dade County’s unemployment rate is calculated differently from any other county in the state. This makes it more difficult to compare us to other areas in the state. Despite the statistical and methodological differences, we are cautiously optimistic about our economic growth but we have a long road ahead.
Non-agricultural companies in Miami-Dade County added 12,700 new jobs between June 2010 and June 2011, an increase of 1.3 percent. During this time frame, several sectors saw improvements including Wholesale Trade, Retail Trade, Transportation, Warehousing and Utilities, Professional and Business Services, and Leisure and Hospitality. Construction lost 300 jobs and Federal Government lost 3,500 jobs. Financial Activity and Manufacturing lost 600 and 900 jobs respectively between June 2010 and June 2011. Sector
June 2010 – June 2011 Job Change( % Change)
Professional & Business Services – 5,400 (+4.2%)
Leisure & Hospitality – 4,500 (+4.2%)
Transp., Warehousing, and Utilities – 1,600 (+2.8%)
Hospitals – 1,600 (+3.8%)
Local Government – 1,600 (+1.6%)
Ambulatory Health Care – 1,000 (+2.0%)
Retail Trade – 800 (+0.7%)
State Government – 800 (+4.8%)
Wholesale Trade – 200 (+0.3%)
Between May 2011 and June 2011, some 12,300 jobs were lost for a 1.2 percent decline. Major sectors that added jobs between May 2011 and June 2011 included Retail Trade, Hospitals, Construction, Manufacturing, and Ambulatory Health Care. The major sectors that lost jobs between April 2011 and May 2011 were Whole Trade (100 jobs lost or -0.2 percent decline), Financial Activities (400 jobs lost or -0.6 percent decline), Professional & Business Services (800 jobs lost or -0.6 percent decline), Leisure and Hospitality (500 jobs lost or 0.5 percent decline), State Government (600 jobs lost or -3.3 percent decline) and Local Government (13,400 jobs lost or 11.7 percent decline).
Sector
June 2011 – July 2011 Job Change (% Change)
Construction – 1,100 (+3.6%)
Transp., Warehousing, and Utilities – 800 (+1.4%)
Ambulatory Heath Care – 500 (+1.0%)
Retail Trade – 200 (+0.2%)
Hospitals – 200 (+0.5%)
Manufacturing – 100 (+0.3%) The data and analysis above shows that the community needs to continue to focus on job creation projects in order to create new job opportunities for people looking for jobs. The Beacon Council continues to aggressively work on attracting new companies to our community and working on the expansion and retention of existing business. We promote Miami-Dade County as a global business center through our ”Miami: Where Worlds Meet” campaign. We strongly urge that a top focus of both the public and private sector continues to be on the retention and recruitment of new jobs. Source: The Miami-Dade Beacon Council
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Miami-Dade County’s seasonally adjusted unemployment rate for March 2011 is 12.9 percent compared to 13.1 percent in February 2011. Miami-Dade County’s seasonally unadjusted unemployment rate for March 2011 was 12.3 percent, an increase of 0.5 percentage points compared to February 2011 (11.8%). The unemployment rate for March 2010 was 11.9 percent, 0.4 percentage points lower than March 2011. However, the seasonally adjusted unemployment rate (taking in consideration seasonal fluctuations in the labor force) for March 2011 was 12.9 percent compared to 13.1 percent in February 2011, a decrease of 0.2 percentage points. Frank R. Nero, President and CEO of The Beacon Council, said seasonally adjusted rates show a more accurate description than non-adjusted rates because they take out unique factors in Miami-Dade, such as temporary labor. “While this is a small step in the right direction, we still need to see what happens in a longer period of time,” Nero said.
David Denslow, a professor of economics at the University of Florida, cautions about paying too much attention to the month-to-month statistics, which he calls “an estimate subject to error.” For more information on that, read here: Miami-Dade County is the only county in Florida that has seasonally adjusted rates. Therefore the following county data are not seasonally adjusted: The March 2011 unemployment rate for the State of Florida was 10.6 percent, a decrease of 0.4 percentage points compared to February 2011. The United States unemployment rate was 9.2 percent in March 2011, a decrease of 0.3 percentage points from February 2011. For neighboring Broward County, the unemployment rate in March 2011 was 9.3 percent, a decrease of 0.4 percentage points compared to February 2011 and a decrease of 0.5 percentage points compared to March 2010. For Palm Beach County, it was 10.6 percent, a decrease of 0.5 percentage points compared to February 2011 and a decrease of 0.7 percentage points compared to March 2010. The overall unemployment rate for the tri-county area in March 2011 was 10.9 percent, the same as in February 2011. The South Florida region (Miami-Ft. Lauderdale-Pompano Beach MSA) added 19,600 non-agricultural jobs between March 2010 and March 2011. Between February 2011 and March 2011 the region added 14,000 new jobs. Non-agricultural companies in Miami-Dade County added 11,900 new jobs between March 2010 and March 2011, an increase of 1.2 percent. This was the second highest growth by new jobs in Florida in March 2011 after Orlando. Between February 2011 and March 2011, 5,000 jobs were created or a 0.5 percent increase. Major sectors that added jobs between February 2011 and March 2011 included Construction, Manufacturing, Retail Trade, Financial Activities, Hospitals and Leisure and Hospitality. The major sector to loose jobs was Wholesale Trade (800 jobs lost or 1.2 percent decline between February 2011 and March 2011). Sector
February 2011 – March 2011 Job Change (% Change)
Retail Trade – 1,400 (+1.2%)
Financial Activities – 1,100 (+1.8%)
Leisure & Hospitality – 1,100 (+1.0%)
Professional & Business Services – 800 (+0.6%)
Transportation, Warehousing, and Utilities – 600 (+1.0%)
Manufacturing – 300 (+0.9%)
State Government – 200 (+1.1%)
Ambulatory Health Care Services – 200 (+0.4%)
Construction – 100 (+0.3%)
Hospitals – 100 (+0.2%)
Between March 2010 and March 2011, several sectors saw improvements, including Wholesale Trade, Retail Trade, Financial Activities, Professional and Business Services, Leisure and Hospitality and Total Government. Construction lost 1,200 jobs and Telecommunications and Manufacturing lost 800 jobs between March 2010 and March 2011.
Sector
March 2010 – March 2011 Job Change (% Change)
Leisure & Hospitality – 3,800 (+3.6%)
Ambulatory Health Care Services – 2,000 (+3.9%)
Retail Trade – 1,700 (+1.4%)
Transportation, Warehousing, and Utilities – 1,400 (+2.4%)
Total Government – 1,400 (+0.9%)
Hospitals – 1,300 (+3.1%)
Financial Activities – 1,000 (+1.6%)
Professional & Business Services – 600 (+0.5%)
Wholesale Trade – 100 (+0.2%)
Even with a slight increase in the March unemployment rate, we see some positive signs of new job creation. The data used in the analysis above is based two different data sets with their own methodology. In addition, Miami-Dade County’s unemployment rate is calculated differently from any other county in the state. This makes also more difficult to compare us to other areas in the state. Despite the statistical and methodological differences, we are cautiously optimistic about our economic growth. Therefore, the community needs to continue to focus on job creation projects in order to create new job opportunities for people looking for jobs. The Beacon Council continues to aggressively work on attracting new companies to our community and working on the expansion and retention of existing business. We promote Miami-Dade County as a global business center through our “Miami: Where Worlds Meet” campaign. We strongly urge that a top focus of both the public and private sector continues to be on the retention and recruitment of new jobs. Source: The Miami-Dade Beacon Council
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