Low unemployment in South Florida
Unemployment declined in South Florida last month, showing signs of strengthening mixed by evidence that a slow recovery of employment may be getting bogged down.
Miami-Dade scored particularly well on some indicators, it ranked second in the state for annual employment growth and saw its unemployment rate down to the fastest in nearly 20 years, from 13 percent in July to 12.2 percent in August. The 13.900 jobs added during the last 12 months in Miami-Dade come from all sections of the economy, health services, the retail industry and restaurants in the forefront. In the rest of Florida, only the Tampa area added more jobs.
“Miami is still inching forward,” said Mark Vitner, economist at Wells Fargo. “Any place that has strong ties to the global economy appears to be doing reasonably well”.
Friday’s report continues to show an area hit by the worst job market in 30 years, and the details point to some persistent problems and disturbing trends.
The Broward County job growth slowed, with unemployment slightly lower, 9.7 percent to 9.5 percent. After adjusting the figures for seasonal changes in terms of recruitment, payroll stalled in Miami-Dade in July and August, the first time since December that the county did not add jobs a month to month. Broward similar adjustments in the month also showed weaker hiring in 2011.
But in general, preliminary figures suggest that South Florida did not suffer a blow in August in front of the hiring, despite national economic problems among those who counted a strong collapse of the Stock Exchange , plummeting consumer confidence and predictions of a second recession may be underway.