West Palm Beach, Fla. (Sept. 16, 2022) – Palm Beach County’s unemployment rate for August 2022 announced today is 2.9 percent, below the year-ago rate of 4.4 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 more than two years, 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 – 39,581 job openings vs. 22,020 unemployed people in August. Total nonagricultural employment in the county is 668,400 adding 31,400 jobs over the year – a 4.9 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 with hiring increasing for the upcoming tourism season,” 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. “CareerSource has six in-person and virtual job fairs coming up now through November and has held more than 270 jobs fairs in the last program year.”
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 10,900 jobs for a 13.4 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 +10,900 jobs 92,300
Education/health services +6,000 jobs 109,200
Trade/transportation/utilities +5,100 jobs 121,900
Other services +5,100 jobs 35,700
Construction +1,200 jobs 40,500
Manufacturing +1,100 jobs 21,500
Financial activities +1,000 jobs 47,200
Government +800 jobs 63,600
Professional/business services +200 jobs 125,700
Information unchanged 10,600
Trends Observed This Period
- Continued strong job market and wage growth; workers have enjoyed historic wage gains and more leverage at their jobs for more than a year
- Continued strong consumer demand
- Supply chain/shipping constraints continue to ease; national railroad workers strike avoided
- Gasoline prices down
- Higher interest rates causing home prices/sales to stabilize, housing inventories to rise
- Inflation remains at historic 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. Palm Beach County has one of the highest number of Gig workers in the state – 33 percent of the total workforce -- according to a study by Cambridge Systematics.
Upcoming Job Fairs/Hiring Events
- Healthcare Careers Expo: Tues. Sept. 27, South Fla. Fairgrounds (in-person and virtual)
- Securing Our Future: Wed. Sept. 28, PBC Convention Center
- Public Safety Job Fair: Fri. Oct. 7, Palm Beach State College, Lake Worth Campus.
- Hospitality & Retail Job Fair, Thurs. Oct. 20, WPB Mandel Library
- Paychecks for Patriots Job Fair for Veterans, Thurs. Nov. 3, location TBA
- Glades Job Fair & Food Giveaway, Wed. Nov. 16, Belle Glade Library & Civic Center
More information on these events will be available at www.careersourcepbc.com.
Florida Minimum Wage Increases to $11 Per Hour
Effective Sept. 30, 2022, Florida’s minimum wage rises to $11 per hour with a minimum wage of at least $7.98 per hour for tipped employees (in addition to tips). The new wage is effective through Sept. 29, 2023. The increase stems from a state constitutional amendment that increases the state’s minimum wage by $1 per hour each year until it reaches $15 per hour on Sept. 30, 2026.
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 Sept. 2022 are scheduled for release on Oct. 21, 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.