According to newly released data from the federal government, Miami-Dade County and San Francisco share the title of having the lowest unemployment rate among metropolitan divisions in the United States. This is because the number of people working in financial activities, professional and business services, education and health services, and other similar fields all reached new highs.
According to numbers that were just released last week by the United States Bureau of Labor Statistics for the month of August, the county, along with San Francisco, has the lowest unemployment rate, 2.3%, among the individually identified employment hubs that were investigated. Annually, unemployment was brought down in each of the 38 divisions.
There was a 5.7% rise in the number of people who were employed in the greater tri-county area, which places it in third place behind the 6.7% growth in the Dallas area and the 6.2% gain in Houston. The unemployment rate in this region is 2.6%.
The entire work force of 1,335 million people is the largest it has been since the emergence of COVID, and it is only in Miami-Dade County. The unemployment rate has been unchanged at 2.3% since July, having increased slightly from 2.1% in June. Within the last year, there has been a 6.8% rise in the overall non-farm employment in this region.
The vast majority of occupational fields have seen significant improvements during the last year. The largest percentage gainers are a 12.6% jump in manufacturing workers at 45,500 and a 12.4% gain in leisure and hospitality workers to 142,800, soaring back toward the county’s all-time high of 149,700 in February 2022, the month before COVID hit. The number of people employed in leisure and hospitality rose to 142,800 in February 2022, which was the highest it had ever been.
The number of people working in professional and commercial services has increased to 198,300, which is a 6.4% increase and a record high for the county. Employment in education and health services climbed by 6.2% to 204,300, which is also the highest level ever. The thriving financial industry has also hit an all-time employment high of 90,800, which is an increase of 5.7% over the course of the previous year.
Additionally, significant improvements have been made in the commerce, transportation, and utilities sectors, with the total number of employees increasing by 8.9% to 321,100.
The only types of occupations that have seen a drop over the last year are those in the public sector, which fell by 1.5% to a total of 137,000 and in the information sector, which fell by 0.5 percentage points to 20,700.