West Palm Beach, Fla. (June 17, 2022) – Palm Beach County’s unemployment rate for May 2022 announced today remains near historic lows at 2.4 percent, below the year-ago rate of 4.3 percent, and below the 3.4 percent national rate and Florida’s 2.5 percent rate. The county’s unemployment rate has remained below the nation’s for nearly two years and the state for 21 months, 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 nearly 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 – 36,594 job openings vs. 18,374 unemployed people in May. Total nonagricultural employment in the county is 663,800 adding 31,600 jobs over the year – a 5.0 percent gain.
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.
“The job market is hotter than ever,” 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. “It’s still a worker’s and job seeker’s market.”
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 10,300 jobs for a 12.7 percent jump. Jobs in five industry sectors – leisure/hospitality, education/health services, other services, construction, and government -- grew as fast or 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 +10,300 jobs 91,700
Trade/transportation/utilities +6,600 jobs 122,100
Education/health services +3,500 jobs 107,100
Other services +3,000 jobs 33,900
Professional/business services +2,600 jobs 125,700
Financial activities +2,000 jobs 47,200
Manufacturing +1,000 jobs 21,400
Construction +1,000 jobs 39,700
Government +1,000 jobs 64,400
Information +600 jobs 10,400
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 60,000 residents find employment ranging from entry level to executive suite, with salaries from these jobs creating $1.2 billion in annual wages. CareerSource also awarded $10.1 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 June 2022 are scheduled for release on July 22, 2022.
Note to editors: You are invited to interview a CareerSource spokesperson on local employment and economic trends. Please call 561.340.1061 ext. 2229 for scheduling before 3 p.m. today.
Note: The unemployment rate is a measure of how many people in the labor force are out of a job. For example, if total employment holds constant and unemployed Americans stop looking for work, thereby leaving the labor force, the unemployment rate will fall even though no jobs have been added. Conversely, if employment holds steady and recent graduates enter the labor force looking for work, the unemployment rate will rise even though no jobs have disappeared.
IN COMPLIANCE WITH THE STEVENS AMENDMENT:
CareerSource Palm Beach County, Inc. is the direct service provider for various workforce programs supported by the U.S. Departments of Labor, Health and Human Services, Education and other agencies as part of awards totaling $17,610,090 (revised annually). Unless otherwise stipulated, all statements, news releases, requests for proposals, bid solicitations and other applicable documents are fully funded from federal sources.