Beacon Council: Miami-Dade Jobs Numbers Up, Unemployment Dropping

  Miami-DadeCounty’s payroll job numbers increased, both month-over-month and year-over-year, according to the jobs report released Friday.

  “When looking at the long-term trend of the payroll jobs, the seasonally adjusted data shows that August 2014 had the highest level of payroll jobs (1.09 million) even when compared to the height of the boom years prior to the great recession,” The Beacon Council President & CEO Larry K. Williams said. “And higher paying sectors continue to add jobs year-over-year.”

  Miami-DadeCounty added 34,700 new nonagricultural payroll jobs (not seasonally adjusted) or a 3.3 percent increase from August 2013 to August 2014. Miami-DadeCounty had the second largest year over year gain in the State of Florida. Improvements in the non-farm payroll jobs can be found in a variety of sectors.

  In August 2014, the seasonally adjusted unemployment rate for Miami-Dade County (taking seasonal fluctuations in the labor force into consideration) was 6.8 percent, which is 1.2 percentage points lower a year ago (August 2013) and 0.1 percentage points lower than July 2014.

  This monthly increase can be traced to the fact that there was an increase in residents joining the labor force. This is an indicator that people are more confident about looking for and finding jobs. This sentiment is reflected in the payroll jobs numbers, which are also positive. 

  The not seasonally adjusted unemployment rate from August 2013 to August 2014 decreased by 1.3 percentage points, to 7.3 percent from 8.6 percent. However, the not seasonally adjusted monthly unemployment rate from July 2014 to August 2014 increased by 0.4 percentage points, to 7.3 percent from 6.9 percent.

  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-DadeCounty, from August 2013 to August 2014 a variety of industry sectors saw job improvements. The improvements in these sectors contributed to the gain of 34,700 new nonagricultural payroll jobs (not seasonally adjusted). Notably, Financial Activities, Professional and Business Services, Manufacturing, and Construction all continue to experience significant gains after having lost a large portion of their workforce during the recession.

  Wholesale Trade (-1,200 jobs), Information (-100 jobs) and Government (-1,300 jobs) were the only sectors that lost jobs between August 2013 and August 2014.

  Between July 2014 and August 2014, Miami-DadeCounty gained 16,600 nonagricultural payroll jobs or a 1.6 percent increase. Several sectors added jobs from July 2014 to August 2014, including Construction; Retail Trade; Information; Professional and Business Services; Ambulatory Health Care Services; Hospitals; and Government.

  Sectors that lost jobs between July 2014 and August 2014 include Leisure and Hospitality (-1,200 jobs); Financial Activities (-400 jobs); Transportation, Warehousing, and Utilities (-300 jobs); Wholesale Trade (-100 jobs); and Manufacturing (-100 jobs).

  The not-seasonally adjusted August 2014 unemployment rate for the State of Florida was 6.7 percent, which is 0.1 percentage points higher than July 2014. Florida’s unemployment rate decreased by 0.7 percentage points from August 2013 to August 2014 (7.4 percent to 6.7 percent). The United States not seasonally adjusted unemployment rate was 6.3 percent in August 2014, which is 0.2 percentage points lower than July 2014 and 1.0 percentage points lower than one year ago (7.3 percent).

  The overall unemployment rate for the South Florida region (Miami-Ft. Lauderdale-Pompano Beach MSA) in August 2014 was 7.3 percent, which is 0.4 percentage points lower than July 2014. A year ago, in August 2013, the South Florida unemployment rate was 8.6 percent. In terms of job creation in South Florida, the region gained 65,600 jobs or a 2.8 percent increase from August 2013 to August 2014. From July 2014 to August 2014, South Florida gained 22,400 nonagricultural payroll jobs, which represents a 0.9 percent increase.