South Florida’s Unemployment Rate

In another sign that the economy is improving, and particularly here in South Florida, is the drop in Unemployment Rate, again! We have come a long way since a year ago. The South Florida Business Journal reports that:

South Florida’s non-seasonally adjusted unemployment rate dropped to 7.5 percent in July, an improvement over last year’s 9.1 percent.

Florida’s seasonally adjusted jobless rate remained unchanged, at 7.1 percent, in July, down 1.6 percentage points from 8.7 percent a year ago. The past three month’s rates were the lowest since September 2008, when it was at 7 percent, according to the Florida Department of Economic Opportunity.

Nonagricultural employment reached 7.5 million in Florida last month, an increase of 27,600 jobs.

Florida’s jobless rate was 0.3 percentage points lower than the national rate, for the fifth consecutive month.

The employed workforce in Miami-Dade, Broward and Palm Beach counties gained 6,035 jobs from June to July, according to state data. The labor force lost 395 people and dropped to 2.95 million. During the last 12 months, the region added 33,430 jobs overall, and decreased its unemployment rate by 1.6 percentage points.

Miami-Dade added 3,897 jobs in July, while its non-seasonally adjusted unemployment rate dropped 0.6 percentage points, month-over-month, to 8.4 percent. That number is 1.3 percentage points lower than the jobless rate one year ago. The county’s labor force also lost 3,853 workers in July.

Broward’s unemployment rate increased 0.1 percentage points, to 6.2 percent, in July. That number is less than what it was a year ago, at 8 percent. The county lost 1,057 jobs from June to July, while its labor force fell by 879 workers.

Palm Beach also saw a month-over-month increase in its jobless rate – to 7.7 percent in July from 7.6 percent in June – but was down from last year’s 9.6 percent. The county gained 3,105 jobs between June and July, according to state data. The county’s labor force lost 4,337 workers in July.

With the summer almost behind us, schools coming back in session, and the high season for retail just around the corner, we can certainly be accused of feeling optimistic for what lies ahead. These latest numbers are part of a positive trend that started a few months ago and has not shown any signs of slowing down.