West Palm Beach, Fla. (June 16, 2023) – Palm Beach County’s unemployment rate for May 2023 announced today is 2.7 percent, matching the year-ago rate, 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 3.4 percent national rate and matches Florida’s rate. The county’s rate has remained below the nation’s for more than two years and stayed at or below 3.0 percent for 15 months.
For more than 20 months, there have been more job openings than unemployed people in Palm Beach County – about two jobs available for every unemployed person.
Total nonagricultural employment in the county is 684,300 adding 15,500 jobs over the year – a 2.3 percent gain.
Palm Beach County ranks among the top 5 wealthiest among Florida's 67 counties, according to a study by financial tech company SmartAsset.
“Our labor market has remained resilient and robust with unemployment at historic lows for 16 consecutive months with 15,500 new jobs added over the year,” 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.
Job growth/loss by industry sector: The leisure/hospitality industry sector led the county in over-the-year job growth adding 5,000 jobs for a 5.5 percent jump. The number of jobs in the manufacturing, government, and financial sectors grew faster in the county than statewide over the year.
By the numbers, over-the-year job gains and losses by sector are:
| Industry |
Change |
Total Jobs |
| Leisure/hospitality |
+5,000 jobs |
95,500 |
| Education/health services |
+4,900 jobs |
111,100 |
| Government |
+2,000 jobs |
65,700 |
| Trade/transportation/utilities |
+1,900 jobs |
124,000 |
| Financial activities |
+1,300 jobs |
49,900 |
| Professional/business services |
+1,000 jobs |
134,200 |
| Manufacturing |
+700 jobs |
21,600 |
| Construction |
-300 jobs |
40,700 |
| Information |
-500 jobs |
11,000 |
| Other services |
-500 jobs |
30,400 |
Top gross regional product rankings in Palm Beach County:
| Industry sector |
GRP $ |
# of jobs |
| Finance |
$15.4 billion |
31,641 |
| IT |
$11 billion |
66,684 |
| Leisure/hospitality |
$10 billion |
96,800 |
| Healthcare |
$8.9 billion |
97,496 |
| Wholesale trade |
$7.5 billion |
22,535 |
| Retail trade |
$7.5 billion |
83,735 |
Source: Bureau of Economic Analysis and the Quarterly Census of Employment and Wages from the Bureau of Labor Statistics
Trends Observed This Period
Positive:
Continued tight job market
Product/supply chain disruptions largely resolved
Inflation slows to lowest level in more than two years
Federal debt ceiling raised
Negative:
Housing affordability
Rising insurance costs
CareerSource Palm Beach County, Business Development Board of Palm Beach County Receive National Employer of the Year Award
The National Association of Workforce Development Professionals (NAWDP) has presented their National Workforce Employer of the Year award to CareerSource Palm Beach County and the Business Development Board of Palm Beach County for their partnership to improve economic and employment development in the region. The award was presented yesterday at the CareerSource Palm Beach County board of directors meeting in West Palm Beach.
The award recognizes a private-sector employer or employer consortium who partners and collaborates with their local workforce partners to create a positive impact in their local area. The partnership has been fruitful with new industry data showing Palm Beach County is home to 463 corporate, subsidiary and regional offices; 2,897 financial services and hedge funds; 1,628 aviation/aerospace/engineering companies; 2,189 infotech companies; 5,496 healthcare companies; 682 distribution and logistics centers; and 1,424 manufacturing companies.
“We are incredibly pleased and proud that our achievements arising from our partnership with the Business Development Board of Palm Beach County have been nationally recognized with this award,” said Ms. Dattolo. “Our partnership has created a much more diversified, high-quality employer base, making our economy more resilient – and contributing to record low unemployment rates for more than a year.”
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. 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 July 21: State and local employment reports for June 2023 are scheduled for release on July 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. Palm Beach County’s record low unemployment rate was 2.2 percent in December 2022. Outside of the Great Depression, the county’s record high unemployment rate reached 14.7 percent in April 2020.
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.