South Florida's unemployment rates hold steady
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South Florida's unemployment rate held steady in June while the national rate edged lower, keeping the metro area's jobless rate at a seasonally adjusted 3.9%, new federal data shows.
Why it matters: While nearly half of the cities and metro areas tracked in the U.S. Bureau of Labor Statistics jobs report posted higher unemployment rates, South Florida's low, unchanged figure suggests its labor market remains solid.
By the numbers: South Florida's unemployment rate is 0.3 percentage points below the national average and is lower than 55% of the areas surveyed by the Bureau of Labor Statistics.
The big picture: The lowest rate was Rapid City, South Dakota, which ticked just below 2%
- The highest was Southern California's El Centro at just under 19%, while Visalia, California, also topped 10%.
Context: Our area added 5,300 jobs since last June. The state added 41,200 jobs during the same period.
What we're watching: The Fed's policymaking committee appears to be more focused on inflation than the job market. They left their key interest rate unchanged on Wednesday, leaving interest rates on credit cards and car loans elevated.
The bottom line: A stable local employment picture can be welcome news, but it doesn't necessarily translate into relief for household budgets.