The latest Miami-Dade jobs report showed another month of positive indicators with the unemployment rate decreasing to 6.8 from 7.1 percent, dipping below 7 percent for the first time in five years, according to statistics released Friday.
“We are excited to see another month of improved numbers,” The Beacon Council President & CEO Larry K. Williams said. “We must continue to focus on The Beacon Council’s mission to bring jobs and capital investment to Miami-Dade County and the One Community One Goal community-wide initiative.”
The numbers analyzed
The not seasonally adjusted unemployment rate from November 2013 to December 2013 decreased by 0.3 percentage points to 6.8 from 7.1 percent. In addition, during the past year, from December 2012 to December 2013, the not seasonally adjusted unemployment rate fell by 2.3 percentage points to 6.8 from 9.1 percent.
In addition to the decrease in the overall unemployment rate, Miami-Dade County added 22,900 new nonagricultural payroll jobs or a 2.2 percent increase from December 2012 to December 2013. Miami-Dade County had the third largest year-over-year gain in the State of Florida after Tampa and Orlando. Improvements in the non-farm payroll jobs can be found in a variety of sectors.
In December 2013, the seasonally adjusted unemployment rate for Miami-Dade County (taking into consideration seasonal fluctuations in the labor force) was 7.5 percent, which is 0.3 percentage points lower than November 2013.
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-Dade County from December 2012 to December 2013, a variety of sectors saw improvements including Retail Trade; Leisure and Hospitality; Professional and Business Services; Ambulatory Health Care Services; Manufacturing; Financial Activities; Wholesale Trade; Hospitals; and Telecommunications. The improvements in these sectors contributed to a gain of 22,900 new nonagricultural payroll jobs or a 2.2 percent increase. Notably, Financial Activities, Professional and Business Services, and Manufacturing experienced significant jumps, after having lost a large portion of their workforce during the recession.
Sectors that lost jobs between December 2012 and December 2013 include Construction (-1,800 jobs); Transportation, Warehousing, and Utilities (-200 jobs); and Total Government (-4,600 jobs).
| Sector |
December 2012 – December 2013 Job Change (% Change) |
| Retail Trade | 10,900 (+7.8%) |
| Leisure and Hospitality | 4,500 (+3.7%) |
| Professional and Business Services | 4,500 (+3.3%) |
| Ambulatory Health Care Services | 3,200 (+5.8%) |
| Manufacturing | 2,300 (+6.6%) |
| Financial Activities | 1,900 (+2.6%) |
| Wholesale Trade | 1,500 (+2.0%) |
| Hospitals | 800 (+1.8%) |
| Telecommunications | 400 (+2.3%) |
Between November 2013 and December 2013, 12,400 nonagricultural payroll jobs were added or a 1.2 percent increase. Several sectors added jobs, including Retail Trade; Wholesale Trade; Leisure and Hospitality; Professional and Business Services; Transportation, Warehousing, and Utilities; Financial Activities; Ambulatory Health Care Services; Telecommunications; and Total Government.
Sectors that lost jobs between November 2013 and December 2013 include: Construction (600 jobs lost or a 2.0 percent decline) and Hospitals (100 jobs lost or a 0.2 percent decline).
| Sector |
November 2013 – December 2013 Job Change (% Change) |
| Retail Trade | 5,000 (+3.4%) |
| Wholesale Trade | 2,100 (+2.8%) |
| Leisure and Hospitality | 2,000 (+1.6%) |
| Professional and Business Services | 1,300 (+0.9%) |
| Transportation, Warehousing, and Utilities | 1,300 (+2.1%) |
| Financial Activities | 700 (+1.0%) |
| Ambulatory Health Care Services | 400 (+0.7%) |
| Telecommunications | 200 (+1.1%) |
| Total Government | 200 (+0.2%) |
The not-seasonally adjusted December 2013 unemployment rate for the State of Florida was 5.9 percent, an improvement compared to November 2013 (6.3 percent). Florida’s unemployment rate decreased by 1.9 percentage points from December 2012 to December 2013 (7.8 percent to 5.9 percent). The United States not seasonally adjusted unemployment rate was 6.5 percent in December 2013, compared to 6.6 percent in November 2013.
For Broward County, the unemployment rate in December 2013 was 5.0 percent, a decrease of 0.3 percentage points from November 2013 and a decrease of 1.6 percentage points compared to December 2012. For Palm Beach County, the December unemployment rate was 6.0 percent, a decrease of 0.4 percentage points compared to November 2013 and a decrease of 1.9 percentage points compared to December 2012.
The overall unemployment rate for the South Florida region (Miami-Ft. Lauderdale-Pompano Beach MSA) in December 2013 was 6.0 percent, compared to 6.3 percent in November 2013. A year ago, in December 2012, the South Florida unemployment rate was 8.0 percent. In terms of job creation in South Florida, the region gained 56,600 jobs or a 2.4 percent increase from December 2012 to December 2013. From November 2013 to December 2013, South Florida added 22,300 nonagricultural payroll jobs, which represents a 1.0 percent increase.
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 the target industries outlined in The Beacon Council Foundation’s One Community One Goal (OCOG) initiative. 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. For more information, go to www.onecommunityonegoal.com. The 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.
