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(Miami, FL – Dec. 20, 2013) – For the first time in a long time, the Miami-Dade jobs report showed multiple signs of strength that the local economy continues to gain ground. The report indicated Miami-Dade County gained 10,900 new jobs from November to October, and the unemployment rate dipped to 7 percent from 8.5 percent — the lowest rate since August of 2008.

“Especially encouraging is the job growth across most industries including some of those hardest hit during the recession,” The Beacon Council President & CEO Larry K. Williams said. “We remain steadfast in our efforts to help bring more jobs to this community.”

The numbers analyzed

The not seasonally adjusted unemployment rate from October 2013 to November 2013 decreased by 1.5 percentage points, from 8.5 percent to 7.0 percent. In addition, during the past year, from November 2012 to November 2013, the not seasonally adjusted unemployment rate fell by 1.3 percentage points, from 8.3 percent to 7.0 percent. The unemployment rate has not been this low since August of 2008.

In addition to the decrease in the overall unemployment rate, Miami-Dade County added 10,900 new nonagricultural payroll jobs or a 1.0 percent increase from October 2013 to November 2013. Improvements in the non-farm payroll jobs can be found in a variety of sectors.

In November 2013, the seasonally adjusted unemployment rate for Miami-Dade County (taking into consideration seasonal fluctuations in the labor force) was 7.8 percent, which is 0.2 percentage points lower than October 2013. Miami-Dade County is the only Florida County to use the seasonally adjusted rate.

The job creation numbers are derived from the U.S. Bureau of Labor Statistics Current Employment Statistics Program (CES), and only account for non-farm payroll jobs. However, the unemployment rates are derived from the U.S. Bureau of Labor Statistics Local Area Unemployment Statistics Program (LAUS), which includes farm payroll jobs as well as self-employed workers.

In Miami-Dade County from November 2012 to November 2013, a variety of sectors saw improvements including Retail Trade; Leisure and Hospitality; Ambulatory Health Care Services; Professional and Business Services; Financial Activities; Manufacturing; Wholesale Trade; Hospitals; and Telecommunications. The improvements in these sectors contributed to a gain of 16,000 new nonagricultural payroll jobs or a 1.5 percent increase. Notably, Financial Activities and Professional and Business Services experienced significant jumps, after having lost a large portion of their workforce during the recession.

Sectors that lost jobs between November 2012 and November 2013 include Construction (-1,700 jobs); Transportation, Warehousing, and Utilities (-800 jobs); and Total Government (-4,600 jobs).

 

 

Sector

November 2012 – November 2013

Job Change (% Change)

Retail Trade                         7,400 (+5.4%)
Leisure and Hospitality                         4,100 (+3.4%)
Ambulatory Health Care Services                         3,400 (+6.2%)
Professional and Business Services                         2,500 (+1.8%)
Financial Activities                         2,000 (+2.8%)
Manufacturing                         1,700 (+4.8%)
Wholesale Trade                         1,300 (+1.8%)
Hospitals                            700 (+1.6%)
Telecommunications                            200 (+1.1%)

 

Between October 2013 and November 2013, 10,900 nonagricultural payroll jobs were added or a 1.0 percent increase. Several sectors added jobs, including Manufacturing; Retail Trade; Transportation, Warehousing, and Utilities; Financial Activities; Professional and Business Services; Ambulatory Health Care Services; Leisure and Hospitality; and Total Government.

Sectors that lost jobs between October 2013 and November 2013 include: Construction (100 jobs lost or a 0.3 percent decline), Wholesale Trade (100 jobs lost or a 0.1 percent decline), Telecommunications (100 jobs lost or a 0.6 percent decline), and Hospitals (100 jobs lost or a 0.2 percent decline).

 

 

Sector

October 2013 – November 2013

Job Change (% Change)

Retail Trade                         5,200 (+3.7%)
Transportation, Warehousing, and Utilities                         1,400 (+2.3%)
Professional and Business Services                         1,100 (+0.8%)
Ambulatory Health Care Services                            800 (+1.4%)
Manufacturing                            500 (+1.4%)
Leisure and Hospitality                            400 (+0.3%)
Financial Activities                            200 (+0.3%)
Total Government                            200 (+0.1%)

 

The not-seasonally adjusted November 2013 unemployment rate for the State of Florida was 6.2 percent, an improvement compared to October 2013 (6.6 percent). Florida’s unemployment rate decreased by 1.7 percentage points from November 2012 to November 2013 (7.9 percent to 6.2 percent). The United States not seasonally adjusted unemployment rate was 6.6 percent in November 2013, compared to 7.0 percent in October 2013.

For Broward County, the unemployment rate in November 2013 was 5.2 percent, a decrease of 0.2 percentage points from October 2013 and a decrease of 1.6 percentage points compared to November 2012. For Palm Beach County, the November unemployment rate was 6.4 percent, a decrease of 0.3 percentage points compared to October 2013 and a decrease of 1.7 percentage points compared to November 2012.

The overall unemployment rate for the South Florida region (Miami-Ft. Lauderdale-Pompano Beach MSA) in November 2013 was 6.3 percent, compared to 7.0 percent in October 2013. A year ago, in November 2012, the South Florida unemployment rate was 7.7 percent. In terms of job creation in South Florida, the region gained 45,700 jobs or a 2.0 percent increase from November 2012 to November 2013. From October 2013 to November 2013, South Florida added 27,400 nonagricultural payroll jobs, which represents a 1.2 percent increase.

From the data and analysis above, we see continued improvement in the local economy.  Nevertheless, the community needs to remain focused on job-creation projects in the target industries outlined in The Beacon Council Foundation’s One Community One Goal (OCOG) initiative. These industries have been identified as the Miami-Dade County industries most able to create additional well-paying job opportunities, leading to an improved quality of life for Miami-Dade County residents. For more information, go to www.onecommunityonegoal.com. The Beacon Council continues to aggressively work on attracting new companies to our community and work on the expansion and retention of existing business. For more information, visit www.beaconcouncil.com.