Important headlines for June 14th – The best job market in South Florida ever
Bottom Line: These are stories you shouldn't miss and my takes on them...
Excerpt: Hiring is up over a year ago, with 28 percent of employers in the Fort Lauderdale-Miami metro region saying they plan to hire from July to September, according to Manpower Group’s employment outlook released Tuesday. But layoffs are expected to rise as well, with 9 percent...
Hot Take: Yesterday I shared the exceptional results of the Manpower survey. The key takeaways. Every one of the 100 metros is expecting double-digit hiring growth again during the 3rd quarter and 18% of all businesses will be hiring nationally. This while we already have the lowest unemployment rate in 18 years and record low minority unemployment. Pretty incredible right? So fast forward to the headline of this story. What's the takeaway? Mixed bag, right? Hardly. The third quarter (that starts in three weeks) is set to be the best job market South Florida has experienced.
Current unemployment rates by county:
Broward: 3.2%
Miami-Dade: 4.2%
Palm Beach County: 3.8%
These are already record low or near record low rates for South Florida. Now nationally 18% of companies will be hiring in the third quarter. In our metro it's a phenomenal 28%! There are always companies that have planned layoffs in any economy – especially is seasonally sensitive South Florida - but even if you subtracted the 9% of companies with planned layoffs you'd still be sitting at a net 19% which would still be above the exceptional national number. In other words, anyway you slice it, South Florida's jobs market is as good as it's been and it's actually only getting better.