JULY EMPLOYMENT REPORT: Miami-Dade County's Economy Continues to Improve As Number of Jobs Increase and Unemployment Rates Remain Low

(Miami - July 21, 2017) Miami-Dade County's economy continues to grow as local businesses created nearly 27,000 new payroll jobs during the past year and the unemployment rate stayed under 5%, despite the temporary decrease of teachers from the workforce, reflected in the government sector, each June. In August, these teachers will return to the workforce. 

unemplyment graph 2017According to July's Florida Department of Economic Opportunity figures, there was an increase of 26,900 new payroll jobs in Miami-Dade County year over year. Leading the way were the Transportation, Warehousing and Utilities and Healthcare Services sectors.    

“Today's employment report demonstrates the importance of focusing on target industries that have high growth potential, promising career paths and higher than average salaries.  We just celebrated the 5th year anniversary of the One Community One Goal initiative which identified and supported fast-growing Trade & Logistics and Life Sciences & Healthcare as strong Miami growth sectors,” said Michael Finney, President & CEO of the Miami-Dade Beacon Council.  

The numbers analyzed:

The not seasonally adjusted unemployment rate for Miami-Dade County was 4.9 in June 2017, which was a 0.2 percentage point increase from May 2017 at 4.7 percent. Compared to last June there was a 0.7 percentage point decrease with the unemployment rate at 5.6 percent. The graph below 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 June 2017, the seasonally adjusted unemployment rate for Miami-Dade County (taking seasonal fluctuations in the labor force into consideration) was 4.8 percent, which was an 0.5 percentage point lower than June 2016.

nonagri graph 2017Miami-Dade County created 26,900 new nonagricultural payroll jobs (not seasonally adjusted), from June 2016 to June 2017 which was a 2.4 percent increase. Miami-Dade County continues to show year over year gains. Improvements in the non-farm payroll jobs can be found in most sectors. Between May 2017 and June 2017, Miami-Dade County decreased nonagricultural payroll jobs by 18,000 or 1.5 percentage point decline. This is due to the end of the academic school year when many of the employees of the Miami-Dade County Public Schools who are on 10-month contracts are counted as not employed. In August, when schools start, they will be added to the payroll data again. The loss shows up in the government sector. The graphs below shows the payroll data since January 2016. 

From the data and analysis above, we see continued job growth and improvement in the local economy. Nevertheless, the community needs to remain focused on job-creation projects in targeted industries. 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.

employment 2017The 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.