The Miami job market continues to hurt and struggle. While there seems to be some good news out, most of the recent news centers around the fact that jobless claims are falling. It is important to understand that one of the measures of how well the local economy is doing is by looking at not just how many are unemployed but the number of first time claims for unemployment benefits. If this number is dropping, that could be a good thing. It means employers are not letting go as many people.
The Latest Miami Job Market Numbers
New reports out indicate that the Miami Dade and Broward county say 12,800 people file for first time unemployment claims last month. This number is a drastic 27 percent lower than it was last year at this time. The trend is not new. In fact, the unemployment numbers have been dropping in the Miami job market since the month of April.
What does this mean for those who are looking for a job in the Miami area? First, it means the job market seems to be stabilizing to some degree. While there are still thousands of people under or unemployed in the area, the number of people losing jobs is dropping. This may indicate that the market is improving and that employers are looking to hire rather than trim their payroll numbers.
According to the Labor Department of the United States, any claims below 400,000 show a recovery in the economy is occurring within that area. This could mean good things for the area.