Report: Slight pause in South Florida’s job growth
Key Points(4)
- However, the county’s October rate is a significant improvement over the rate of 6 percent that prevailed in October, 2015.
- </span> <span style="font-weight: 400;">South Florida’s average rate of unemployment at 4.9 percent, was the highest in the state.
- Analysts attributed the slight downfall in South Florida, especially Miami-Dade’s, employment rate to the dependency of the region on the struggling economies of Latin America, and uncertainties related to the US presidential elections.
- It is predicted that with the onset of the holiday/shopping season the employment rate will go up in November and December with potential job growth in the retail and tourism sectors.</span>
In a report from Florida’s Department of Economic Opportunity it was learned that the state’s unemployment rate rose a point from 4.7 to 4.8 percent from September to October 206, but is below the national average of 4.9 percent.
In South Florida, Broward County’s employment rate held at 4.6 percent but Miami-Dade County’s rate increased from 5.2 in September to 5.3 percent. However, the county’s October rate is a significant improvement over the rate of 6 percent that prevailed in October, 2015.
South Florida’s average rate of unemployment at 4.9 percent, was the highest in the state. Analysts attributed the slight downfall in South Florida, especially Miami-Dade’s, employment rate to the dependency of the region on the struggling economies of Latin America, and uncertainties related to the US presidential elections.
Only 15,300 new jobs were created in Miami in October, compared to 47,400 in Orlando, 32,600 in Tampa, and 26,800 in Fort Lauderdale.
Across the state, 473,000 Floridians were out of work at the end of October.
Most of the new jobs found in South Florida were in in the healthcare, construction and finance sectors. It is predicted that with the onset of the holiday/shopping season the employment rate will go up in November and December with potential job growth in the retail and tourism sectors.
