The Florida Department of Economic Opportunity announced Broward County’s jobless rate was 7.3% in October 2020. This rate was down from 7.8% in September 2020. Compared to a year ago, the County’s unemployment rate is 4.5% higher than the 2.8% it stood at in October 2019.
While the lower unemployment rate signals a positive sign in the economic recovery, the number of jobs gained provided a similar picture. Non-agricultural employment in the Fort Lauderdale-Pompano Beach-Deerfield Beach Metro Division was 807,100 last month, an increase of 10,800 jobs from September 2020. Still, the affects of COVID-19 continue to hamper the recovery for many business sectors. Since October 2019, Broward County has seen a decrease of 63,100 jobs.
The industries suffering the most are leisure and hospitality (-23,200 jobs); professional and business services (-8,500 jobs); education and health services (-8,300 jobs); trade, transportation, and utilities (-6,900 jobs); construction (-6,200 jobs); other services (-3,600 jobs); government (-2,800 jobs); manufacturing (-2,400 jobs); and information (-1,600 jobs).
An industry that has weathered the pandemic better is financial activities (+0.6 percent), which grew faster in the metro area than the statewide average over the year.
Florida’s seasonally adjusted unemployment rate was 6.5 percent in October 2020, down 0.7 percentage point from the revised September 2020 rate, and up 3.6 percentage points from a year ago. There were 659,000 jobless Floridians out of a labor force of 10,109,000. The U.S. unemployment rate was 6.9 percent in October.