Miami-Dade County’s October unemployment rate decreased to 4.5%, a full 1% lower than the previous year due in large part to the County’s 27,900 new nonagricultural payroll jobs from October 2016 to October 2017. This is the third largest increase of new jobs among counties in Florida. Additionally, the County saw wages increase from $50,596 in the first quarter of 2016 to $54,732 one year later.
“We are encouraged by the continued trends of Miami-Dade’s decreasing unemployment rate and increasing growth in wages,” said Michael Finney, President & CEO of the Miami-Dade Beacon Council. “More jobs across the board indicate companies have confidence that Miami has the talent pool necessary for future growth. By taking proactive steps with local educators, our schools are offering courses that match the skills companies, such as Amazon, need to grow their business.”
The numbers analyzed
The not seasonally adjusted unemployment rate for Miami- Dade County was 4.6 in October 2017, which was a 0.1 percentage point decrease from September 2017 at 4.7 percent. The 4.6 percent unemployment rate is the lowest since May 2008, prior the Great Recession. Compared to last year October there was a 0.9 percentage point decrease with the unemployment rate at 5.5 percent. Below the graph compares the unemployment rate for Miami-Dade County with that of the United States. It shows that Miami-Dade County tracks the unemployment rate of the United States, but at a slightly higher rate.
In October 2017, the seasonally adjusted unemployment rate for Miami-Dade County (taking seasonal fluctuations in the labor force into consideration) was 4.5 percent, which was a 1.0 percentage point lower than October 2016.
New Jobs Created
The economy made a very quick recovery with little or no impact from Hurricane Irma in almost all industries. Miami-Dade County created 27,900 new nonagricultural payroll jobs from October 2016 to October 2017 which was was a 2.4 percent increase. At the same time, between September 2017 and October 2017, Miami-Dade County increased nonagricultural payroll jobs by 28,100 or 2.4 percent. The graphs below show the payroll data since March 2016.
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 targeted industries. 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. The Miami-Dade 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.
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 addition, the federal government typically conducts interviews in sample households to determine the unemployment rate. Miami-Dade County is one of six metropolitan areas in the United States that uses a different method solely based on a statistical model derived from several data sets.
About The Miami-Dade Beacon Council
The Miami-Dade Beacon Council is Miami-Dade County’s official economic development partnership. The not-for-profit public-private organization focuses on job creation and economic growth. Since 1985, the organization has assisted more than 1,000 businesses that have created nearly 67,000 direct jobs and added more than $4.3 billion in new capital investments. It accomplishes this by marketing Miami-Dade as a world-class business location, growing local companies and shaping the local economy’s future. For more information, visit www.beaconcouncil.com