Palm Beach County Unemployment Rate Drops to 2.9 Percent; 28,800 Jobs Added Over Year
West Palm Beach, Fla. – Palm Beach County’s unemployment rate for July 2022 announced today dropped to 2.9 percent, below the year-ago rate of 4.6 percent and below the 3.8 percent national rate. Florida’s rate is 2.8 percent. The county’s unemployment rate has remained below the nation’s for two years and, until June 2022, had been below or tied with the state for the past year, according to the latest monthly reports released today by CareerSource Palm Beach County and the Florida Department of Economic Opportunity (all numbers not seasonally adjusted).
In addition, for more than a year, there are more job openings than unemployed people in Palm Beach County. On average, there are almost two jobs available for every unemployed person – 40,070 job openings vs. 22,320 unemployed people in July. Total nonagricultural employment in the county is 661,100 adding 28,800 jobs over the year – a 4.6 percent gain.
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Palm Beach County’s record low unemployment rate of 2.3 percent occurred in April 2022. Outside of the Great Depression, the county’s record high unemployment rate reached 14.7 percent in April 2020.
“Palm Beach County’s job market continues to show strong growth, and the labor force (those working or looking for work) has increased each month since Jan. 2022. Workers have enjoyed historic wage gains and more leverage at their jobs for more than a year now,” said Julia Dattolo, President and CEO of CareerSource Palm Beach County, the nonprofit organization chartered by the state to lead workforce development in Palm Beach County.
#JobAlert If you’re seeking employment in #PalmBeachCounty, we’d like to assist you in your job search! Our #HotJobs are posted weekly on https://t.co/7ckf3lAly0. Here are a few highlights and upcoming events! 🗓️ pic.twitter.com/wystaPAAl5
— CareerSource PBC (@CareerSourcePBC) August 19, 2022
The average annual wage for Palm Beach County for 2021, also released today, is $68,331, well above Florida’s $60,299 and 10.5 percent above last year’s $61,830.
Job growth by industry sector: For more than a year, the leisure/hospitality industry sector has led the county in over-the-year job growth – adding 9,200 jobs for an 11.3 percent jump. Jobs in four industry sectors – leisure/hospitality, other services, education/health services, and government — grew faster in the county than statewide over the year.
By the numbers, over-the-year job gains in Palm Beach County were:
Industry | Change | Total jobs |
Leisure/hospitality | +9,200 jobs | 90,700 |
Trade/transportation/utilities | +5,200 jobs | 122,100 |
Other services | +4,700 jobs | 35,400 |
Education/health services | +4,600 jobs | 107,600 |
Professional/business services | +1,100 jobs | 126,800 |
Construction | +1,000 jobs | 40,400 |
Financial activities | +900 jobs | 47,100 |
Government | +900 jobs | 59,000 |
Manufacturing | +800 jobs | 21,200 |
Information | +400 jobs | 10,600 |
Trends Observed This Period:
Positive:
-
- Continued strong job market and wage growth
- Continued strong consumer demand
- Supply chain/shipping constraints easing somewhat
- Energy prices down (largest inflation component contributing nearly half of overall increase in inflation)
- Higher interest rates causing home prices/sales to drop, housing inventories to rise
Negative:
- Inflation remains at 40-year highs
- High costs of food and housing
- Higher interest rates may weaken worker leverage in the job market, lead to layoffs
- Employers hiring more part-time, contract, and gig workers to save costs
Upcoming Job Fairs/Hiring Events
- Supply Chain Management Expo/Job Fair: Wed. Aug. 24 (in-person) and Thurs. Aug. 25 (virtual), Palm Beach State College, Lake Worth Campus
- Healthcare Career Expo: Tues. Sept. 27, South Fla. Fairgrounds (in-person and virtual)
- Securing Our Future Event: Wed. Sept. 28, PBC Convention Center
- Public Safety Job Fair: Fri. Oct. 7, Palm Beach State College, Lake Worth Campus.
- WPB Mandel Library Job Fair: Thurs. Oct. 20
More information on these events will be available at www.careersourcepbc.com.
Looking for a New Career? Here’s Help!
CareerSource offers virtual and in-person job fairs, classes and facilities for job searches, grants for job skills training for those who qualify, career development, and consulting – at no cost! During the past five program years, CareerSource Palm Beach County assisted nearly 45,000 residents find employment/reemployment ranging from entry level to executive suite, with salaries from these jobs creating $700 million in annual wages. CareerSource also awarded $14.7 million in grants to area businesses and employees for job training and educational assistance during that time. More information is at www.careersourcepbc.com.
CareerSource also provides services to help rebuild and sustain businesses in today’s challenging marketplace. CareerSource absorbs the cost of most of these services including recruitment, assessments and referrals of qualified job candidates; space and staff assistance for screening/interviewing candidates; and grants for training employees.
Next monthly employment reports for Florida and Palm Beach County: State and local employment reports for August 2022 are scheduled for release on Sept. 16, 2022.
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