Economic uncertainty in Latin America seems to infected the local job market in February.
Though Miami-Dade’s seasonally adjusted unemployment rate slid, the decrease occurred in tandem with a dwindling labor force, according to a monthly report released Friday by the Florida Department of Economic Opportunity. The downturn may indicate cold feet about the local economy due to economic troubles overseas.
Unemployment in Miami-Dade dropped to 5.8 percent in January, down from 6 percent in January and 6.3 percent in February 2015. The labor force shrank by 5,458 would-be workers, down to 1,335,958 in February from 1,341,416 one month prior.
Top performing industries included construction (which grew jobs by 4.7 percent) and finance (up 1.3 percent). Tourism and retail, however, were less robust; each lost about 1 percent of jobs.
Unemployment also decreased in Broward County, falling to 4.4 percent in February from 4.8 in the previous month. Compared to February 2015, unemployment in Broward shrank by nearly a full percentage point.