Miami FL, Area Economic Summary

[Pages:2]Miami, FL, Area Economic Summary

Updated March 23, 2022

This summary presents a sampling of economic information for the area; supplemental data are provided for regions and the nation. Subjects include unemployment, employment, wages, prices, spending, and benefits. All data are not seasonally adjusted and some may be subject to revision. Area definitions may differ by subject. For more area summaries and geographic definitions, see regions/economic-summaries.htm.

Unemployment rates for the nation and selected areas

Unemployment rates

Average weekly wages for all industries by county

Miami area, third quarter 2021 (U.S. = $1,251; Area = $1,213)

United States

6.8 4.4

Miami area

6.6 3.4

Broward Co.

5.8 3.6

Miami-Dade Co.

7.1 3.2

Palm Beach Co.

4.8 3.4

0.0

5.0

10.0

Jan-21 Jan-22 Source: U.S. BLS, Local Area Unemployment Statistics.

Source: U.S. BLS, Quarterly Census of Employment and Wages.

Over-the-year changes in employment on nonfarm payrolls and employment by major industry sector

12-month percent changes in employment 15.0

10.0

5.0

0.0

-5.0

-10.0

-15.0

-20.0 Jan-19

Jan-20

Jan-21

Jan-22

Miami area

United States

Source: U.S. BLS, Current Employment Statistics.

Miami area employment (number in thousands)

Jan. 2022

Total nonfarm

2,728.6

Mining and logging

0.9

Cons tructi on

138.5

Ma nufa cturi ng

90.1

Trade, transportation, and utilities

626.0

I nforma ti on

52.1

Financial activities

201.4

Professional and business services

483.3

Education and health services

407.9

Leisure and hospitality

312.6

Other services

111.9

Government

303.9

Source: U.S. BLS, Current Employment Statistics.

Change from Jan.

2021 to Jan. 2022

Number Percent

153.5

6.0

0.1

12.5

1.7

1.2

2.5

2.9

32.4

5.5

5.0

10.6

11.2

5.9

35.5

7.9

9.3

2.3

49.9

19.0

5.1

4.8

0.8

0.3

Over-the-year change in the prices paid by urban consumers for selected categories

12-month percent change in CPI-U, February 2022

40.0

37.3

35.0

30.0

25.6

25.0

20.0

15.0 10.0

9.8 7.9

5.0

7.9 3.6

0.0

All items Miami area

Food

Energy

U.S. city average

Source: U.S. BLS, Consumer Price Index.

Over-the-year changes in the selling prices received by producers for selected industries nationwide

12-month percent changes in PPI

25.0 20.0 15.0 10.0

5.0 0.0 -5.0 -10.0 -15.0 -20.0 -25.0

Feb-19

Feb-20

Feb-21

General freight trucking

Hospitals

Hotels and motels, except casino hotels

Source: U.S. BLS, Producer Price Index.

Feb-22

Average annual spending and percent distribution for selected categories

Average annual expenditures, United States and

Miami area, 2019-20

100% 80% 60% 40%

$6,547 $4,348 $5,945 $6,178

$9,730

$10,754 $5,185 $7,205 $7,744

$10,257

20%

$20,399

$21,043

0% Miami area

United States

All other items

Healthcare

Personal insurance & pensions

Food

Transportation

Housing Source: U.S. BLS, Consumer Expenditure Survey.

Average hourly wages for selected occupations

Occupation All occupations

Miami area

United States

$25.47 $27.07

Accountants and auditors

38.52 39.26

Registered nurses

34.76 38.47

Aircraft cargo handling supervisors

33.07 28.66

Construction laborers

16.41 20.67

Receptionists and information clerks

14.98 15.58

Maids and housekeeping cleaners

11.96 13.47

Source: U.S. BLS, Occupational Employment and Wage Statistics, May 2020.

Employer costs per hour worked for wages and selected employee benefits by geographic division

Private industry,

South Atlantic United

December 2021

(1)

States

Total compensation

$35.17 $38.07

Wages and salaries

25.51

26.86

Total benefits

9.66

11.22

Paid leave

2.65

2.85

Vacation

1.36

1.46

Supplemental pay

1.05

1.32

Insurance

2.31

2.87

Retirement and savings

1.04

1.32

Legally required benefits

2.62

2.86

(1) The states that compose the South Atlantic census division are: DE, DC, FL, GA, MD, NC, SC, VA, and WV. Source: U.S. BLS, Employer Costs for Employee Compensation.

Over-the-year changes in wages and salaries

12-month percent changes in ECI

7.0

6.0

5.0

4.0

3.0

2.0

1.0

0.0

Dec-18

Dec-19 Miami area

Source: U.S. BLS, Employment Cost Index.

Dec-20 United States

Dec-21

Southeast Information Office ? BLSinfoAtlanta@ ? ? 404-893-4222

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