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Wednesday, January 16, 2008


Miami and a Declining Economy in 2008

The unemployment rate in Miami-Dade county fell slightly in November, despite the fact that the state’s average rose. The city’s jobless rate went from 4.3 percent in October to 3.7 percent in November, due, at least in part, to the creation of seasonal jobs. Although the month to month data shows improvement, more individuals were unable to find jobs in Miami than in 2006 when the unemployment rate was 3.5 percent. Statewide 4.3 percent of the population was without work.

For the year 2007 Miami lead the state in employment gains. Of the 90,200 jobs created in Florida, approximately 26,400 of them were in Miami. Florida construction continued to be affected by the housing market, losing 24,100 jobs and making 2007 the first year since 1992 that the state had nine consecutive months of decline in construction employment. Other sectors losing jobs included manufacturing and information.

Although there may be more jobs in Miami than can be found in other parts of the state, the local job market may be more competitive than usual. With economist saying that the state has a 60 percent chance of falling into a recession in 2007, many employers may scale back hiring in hopes of avoiding a loss of profit. In some cases, layoffs maybe necessary. If this does occur, Miami is expected to continue to fair better than most other cities. The city that is expected to fair the worst is Tampa, which made the list of the countries ten cities most prone to recession.

For unknown reasons over a hundred jobs in Miami will soon be done away with. Airport Parking Associates plan to layoff 104 individuals at the Miami International Airport’s Flamingo Garage, according to a state filing. Both APA and MIA spokespersons were unable to be reached for comments on loss of these Miami jobs or how this would effect the airport.

Despite recent airport layoffs, tourism is obviously doing well in Florida, because the sector added 24,500 jobs. Tourism and hospitality combined with education and health services accounted for 60 percent of the state’s job creation.


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