Palm Beach County Unemployment Rate Holds at 2.6 Percent

West Palm Beach, Fla. (March 24, 2023) – Palm Beach County’s unemployment rate for February 2023 announced today is 2.6 percent, the same as January 2023, and below the year-ago rate of 3.2 percent, according to the latest reports released today by CareerSource Palm Beach County and the Florida Department of Economic Opportunity (all numbers not seasonally adjusted):

• The county’s rate remains below the 3.9 percent national rate. Florida’s rate is 2.5 percent. The county’s rate has remained below the nation’s for more than two years and stayed at or below 3.0 percent for more than a year.
• For the past 14 months, there have been more job openings than unemployed people in Palm Beach County. There are 31,783 job openings vs. 19,816 unemployed people in February.
• Total nonagricultural employment in the county is 677,100 adding 16,000 jobs over the year – a 2.4 percent gain.
• Of the 51 metropolitan areas with a 2010 Census population of 1 million or more, the Miami-Fort Lauderdale-West Palm Beach area had the lowest jobless rate in January 2023.

Palm Beach County’s unemployment rate reached two record lows in 2022 with the latest record low set in December at 2.2 percent. Outside of the Great Depression, the county’s record high unemployment rate reached 14.7 percent in April 2020.

“For more than a year, the job market has made very strong gains with historically low unemployment rates,” 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. “Any effects on employment from recent events in the banking industry and the Federal Reserve’s action to slow the increase in interest rates should appear in next month’s report.”

Job growth/loss by industry sector: For more than a year, the leisure/hospitality industry sector has led the county in over-the-year job growth – adding 5,400 jobs for a 6.0 percent jump. Jobs in three industry sectors – manufacturing, government, and information -- grew faster in the county than statewide over the year.

By the numbers, there were over-the-year job gains all but one of the sectors in Palm Beach County:

Trends Observed This Period

Positive:

• Continued tight job market
• Continued strong consumer demand
• Federal Reserve limits benchmark rate hike to quarter-point increase
• Overall product/supply chain disruptions continue to ease
• Record tourism season in Palm Beach County

Negative:

• Inflation not slowing as quickly as expected
• High costs of housing, food
• Higher interest rates may weaken worker leverage in job market, lead to layoffs

CareerSource Offering Paid Internships to Employers

Can your business use a young adult intern for up to 12 weeks – all paid for by CareerSource Palm Beach County?

Our Young Adult Internship Program provides meaningful work experience and mentoring to youth and young adults ages 16 - 24 who have little to no work experience. They will get the opportunity to learn about a profession. Employers commit to providing a meaningful work experience and the necessary training for the intern to ensure their success in the internship.

Not-for-profit, private, and public organizations in all industries can participate, and all at no-cost to employers. Interns are carefully matched with worksites based on their skills, interests, abilities, and career goals, as well as based on the employer’s needs/preferences. Other factors considered include worksite location, transportation needs, and other barriers.

Interns are paid $15 per hour and the State of Florida covers liability and workers compensation.

What’s not to like? Applying is easy at our website www.careersourcepbc.com (click on Youth and Young Adults on the homepage) or call us at 561-340- 1060 x. 2361. We’ll discuss what your business/organization does and the types of jobs available for young adults as well as approval requirements.

Looking for a New Career? Looking to Hire? 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 businesses prosper 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 employment reports coming April 21:  State and local employment reports for March 2023 are scheduled for release on April 21, 2023. 

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Note to editors: You are invited to interview a CareerSource spokesperson on local employment and economic trends. Please call 561.340.1061 ext. 2229 before 3 p.m. today for scheduling.

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.