Unemployment rate drops to record low in Palm Beach County
New figures released Friday show that Palm Beach County’s unemployment rate has reached a record low, according to CareerSource.
Palm Beach County’s unemployment rate for March dropped to 2.6% compared to 4.9% a year ago.
For nine consecutive months, there are more job openings than unemployed people in Palm Beach County — 40,134 job openings compared to 19,235 unemployed people in March.
"We're still seeing very strong gains in the job market along with historically low unemployment rates," said Julia Dattolo, president and CEO of CareerSource Palm Beach County. "We are, however, closely watching to see how higher interest rates, inflation at a 40-year high, and the conflict in Ukraine impact the labor market in the coming months."
Numbers show that the leisure and hospitality industry sector has led the county in over-the-year job growth — adding 10,800 jobs for a 13.4% jump.
Palm Beach County's unemployment rate is below the 3.8% national rate and Florida's 2.7% rate.
Outside of the Great Depression, the county's record high unemployment rate reached 14.7% in April 2020. The previous record low unemployment rate was 2.7% in December 2019.
"We've made a remarkable recovery from the pandemic," Dattolo said. "The labor force — a measure of the number of those working or looking for work — is above pre-pandemic levels."
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