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Miami-Dade County's Unemployment Rate Fell to 9.4 Percent in August

Miami-Dade County's unemployment rate fell for the second month in a row to 9.4 percent in August, down from 10 percent in July, according to statistics released Friday.

"This is a relatively positive report but we still have a long way to go to get the unemployment rate down to lower levels," said Frank R. Nero, President and CEO of The Beacon Council, Miami-Dade County's official economic partnership. "Another positive development we have seen is the increase in payroll jobs year over year."

The Numbers Analyzed

During the last year, from August 2011 to August 2012, the not seasonally adjusted unemployment rate fell 2.0 percentage points, from 11.4 percent to 9.4 percent. Miami-Dade County also gained 5,800 new nonagricultural jobs, an increase of 0.6 percent. Our community had the third largest year-over-year gain in the State of Florida, after Tampa and Orlando.

In August 2012, the seasonally adjusted unemployment rate for Miami-Dade County (taking into consideration seasonal fluctuations in the labor force) fell to 9.2 percent, which is 0.3 percentage points lower than July 2012. Miami-Dade County is the only Florida county to use the seasonally adjusted rate.

The August 2012 unemployment rate for the State of Florida was 9.0 percent, a decrease of 0.4 percentage points compared to July 2012. The United States unemployment rate was 8.2 percent in August 2012, compared to 8.6 percent in July 2012.

For Broward County, the unemployment rate in August 2012 was 7.8 percent, a decrease of 0.3 percentage points from July 2012 and a decrease of 1.7 percentage points compared to August 2011. For Palm Beach County, the unemployment rate was 9.6 percent, a decrease of 0.2 percentage points compared to July 2012 and a decrease of 1.7 percentage points compared to August 2011.

The overall unemployment rate for the The South Florida region (Miami-Ft. Lauderdale-Pompano Beach MSA) area in August 2012 was 8.9 percent, down from 9.3 percent in July 2012. A year ago, in August 2011, the South Florida unemployment rate was 10.7 percent and the area has since added 4,900 non-agricultural jobs.

In Miami-Dade County from August 2011 and August 2012, several sectors saw improvements including Professional and Business Services, Retail Trade, Ambulatory Health Care Services, Transportation, Warehousing, and Utilities, and Leisure and Hospitality.

Sectors that lost jobs between August 2011 and August 2012 include Local Government (-3,900 jobs), Construction (-2,700 jobs), Financial Activities (-1,200 jobs), Manufacturing (-900 jobs), State Government (-400 jobs), Hospitals (-300 jobs), Wholesale Trade (-300 jobs), and Federal Government (-100 jobs).

Between July 2012 and August 2012, 15,900 nonagricultural payroll jobs were gained or a 1.6 percent increase. Notably, both Construction and Professional and Business Services experienced a significant amount job growth during this period. The increase in Local Government jobs is mostly a result of the Miami-Dade Public School system hiring staff again for the 2012-2013 school year.

Most of the job losses between July 2012 and August 2012 were in Financial Activities (1,300 jobs lost or a 2.0 percent). Other major sectors that lost jobs between July 2012 and August 2012 include Leisure and Hospitality (400 jobs lost or a 0.4 percent decline), Ambulatory Health Care Services (300 jobs lost or a 0.5 percent decline), Hospitals (200 jobs lost or a 0.5 percent decline), Federal Government (100 jobs lost or a 0.5 percent decline), the Information sector (100 jobs lost or a 0.6 percent decline), and State Government (100 jobs lost or a 0.6 percent decline).

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.