West Palm Beach, Fla. (July 21, 2023) – Palm Beach County’s unemployment rate for June 2023 announced today is 3.1 percent, slightly below the year-ago rate of 3.2 percent, according to the latest reports released today by CareerSource Palm Beach County and the FloridaCommerce Department (all numbers not seasonally adjusted):
- The county’s rate remains below the 3.8 percent national rate and close to Florida’s 3.0 percent rate. The county’s rate has remained below the nation’s for nearly three years and, until this month, stayed at or below 3.0 percent for 16 months – a record low streak.
- For two years, there have been more job openings than unemployed people in Palm Beach County. However, the number of advertised job openings declined -20.8 percent over the year.
- Total nonagricultural employment in the county is 671,100, adding 12,700 jobs over the year – a 1.9 percent gain.
- Palm Beach County set a record high number of 684,300 employed people in May 2023.
“After 16 consecutive months of historic low unemployment rates, our overheated job market appears to be transitioning to more normal levels,” 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 education/health services industry sector led the county in over-the-year job growth adding 4,500 jobs for a 4.3 percent jump. The number of jobs in the government sector 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
Education/health services +4,500 jobs 109,400
Leisure/hospitality +4,400 jobs 92,300
Trade/transportation/utilities +2,400 jobs 123,700
Government +2,100 jobs 60,700
Financial activities +300 jobs 49,000
Manufacturing +300 jobs 21,200
Other services +200 jobs 30,800
Construction -400 jobs 41,000
Professional/business services -500 jobs 131,700
Information -600 jobs 11,100
Trends Observed This Period
Positive:
- Continued tight job market
- U.S. inflation slows to lowest level in more than two years
Negative:
- Housing affordability
- Rising insurance costs
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 Aug. 18: State and local employment reports for July 2023 are scheduled for release on Aug. 18, 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.