West Palm Beach, Fla. (Sept. 15, 2023) – Palm Beach County’s unemployment rate for August 2023 announced today is 3.3 percent, the same as for July, and slightly above the year-ago rate of 3.1 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 3.9 percent national rate, but above Florida’s 3.1 percent rate. The county’s rate has remained below the nation’s for three years.
• Total nonagricultural employment in the county is 675,100, adding 7,100 jobs over the year – a 1.1 percent gain. For more than two years, there have been more job openings than unemployed people in Palm Beach County.
“Our overall job market remains very healthy and we expect hiring to pick up for the fall/winter tourism season,” 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. “Our labor force is not growing as fast as demand and, with unemployment rates near historic lows, the labor market will remain tight with strong competition for talent.”
Job growth/loss by industry sector: The leisure/hospitality industry sector led the county in over-the-year job growth adding 3,800 jobs for a 4.4 percent jump. The number of jobs in the leisure/hospitality and government 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 +3,800 jobs 90,300
Trade/transportation/utilities +3,200 jobs 125,000
Education/health services +2,600 jobs 109,700
Government +2,200 jobs 65,300
Manufacturing +400 jobs 21,400
Financial activities +200 jobs 49,600
Information -600 jobs 11,000
Construction -700 jobs 41,400
Other services -700 jobs 29,700
Professional/business services -3,300 jobs 131,800
Trends Observed This Period
Positive:
• Continued strong job market
• U.S. inflation rate at 3.7 percent
• The national labor force participation rate for women between the ages of 25 and 54 has exceeded its all-time high with a labor force participation rate of 77.8 percent.
Negative:
• Housing affordability
• Rising insurance costs
• High fuel prices
• Threat of government shutdown starting Oct. 1
10 Tips to Boost Workforce Hiring and Retention in a Tight Labor Market
What can employers do to boost hiring and retaining qualified talent in this strong job market? Try these tips:
1. Wages and Benefits: Besides pay increases, incentives include signing bonuses, shift differentials, and childcare.
2. Training and Development: Providing training and development opportunities can help employees to acquire new skills and improve their job performance, which can increase efficiency and productivity.
3. Flexible Work: Flexible work schedules, remote work and blended options can help employers attract a wider pool of candidates.
4. Contractors and Temps: External workers can help fill short-term gaps and can bring value when specific skillsets or industry expertise is needed on projects.
5. Internships: Consider hiring interns to gain valuable support for your business. Internships allow companies to invest in their own future success and perhaps discover new talent and future leaders. The interns may decide to join the company based on their experience and available opportunities at your organization.
6. Recruitment and Hiring Strategies: Re-evaluating recruitment and hiring strategies can help businesses attract a wider pool of candidates, including those who may have previously been discouraged from entering the labor market. Consider applicants with little or no experience, such as recent graduates, and those looking to change career fields.
7. Retention Efforts: Are you actively monitoring workforce gaps to be sure that you’re staffed properly? Have you spoken with employees to gauge their workload and its impact by resignations and layoffs?
8. Automation: Some employers have turned to automation to augment their workforce, such as the use of check-in/check-out kiosks, automated robot servers in restaurants, etc. How can AI be used to take on routine tasks at your business?
9. Partnerships and Collaboration: Collaborating with other businesses, educational institutions, and community organizations such as CareerSource Palm Beach County can help address labor shortages by creating new training and employment opportunities.
10. Job Fairs: Meet, interview, screen, and hire qualified candidates on the spot at our hiring events.
Looking for a New Career? Looking to Hire? Here’s Help!
CareerSource offers 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 33,000 residents find employment/reemployment ranging from entry-level to executive suite. CareerSource also awarded $11.9 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 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 Oct. 20: State and local employment reports for Sept. 2023 are scheduled for release on Oct. 20, 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 was 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 $14,386,462 (revised annually). Unless otherwise stipulated, all statements, news releases, requests for proposals, bid solicitations and other applicable documents are fully funded from federal sources.