West Palm Beach, Fla. (Aug. 19, 2022) – 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.
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.
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 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.
###
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 $15,851,406 (revised annually). Unless otherwise stipulated, all statements, news releases, requests for proposals, bid solicitations and other applicable documents are fully funded from federal sources.