The Numbers, Analyzed
The highest job creation occurred in Leisure and Hospitality (3,400), Education & Health Services (2,600), with most jobs created in the healthcare industry. Job creation also occurred in Transportation, Warehousing & Utilities (2,100), Professional & Business Services (1,800), Total Government (1,500), Information (1,200), and Construction (400), and Other Services (500). The graph below shows the payroll data since January 2018.
The unemployment rate of 1.5 percent compared to last year January was a 1.5 percentage point lower unemployment rate at 3.0 percent in January 2019. Compared to December 2019 there was a 0.1 percentage point decrease from the unemployment rate at 1.6 percent. Below the graph compares the unemployment rate for Miami-Dade County with that of the United States since December 2017. It shows that Miami-Dade County was tracking the unemployment rate of the United States at a slightly higher rate until November 2018. For the last thirteen months the United States had a higher unemployment rate than Miami-Dade County.
In January 2020, the seasonally adjusted unemployment rate for Miami-Dade County (taking seasonal fluctuations in the labor force into consideration) was 1.9 percent, which is 1.0 percentage point lower than in January 2019.
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 industries most able to create additional well-paying job opportunities in Miami-Dade County, 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.