According to an article published by Miami Today on the week of Thursday, August 13, 2020, the financial jobs rock solid despite the pandemic. Miami-Dade’s unemployment rate was 11.5% as of June, the last month for which there is available data from the US Bureau of Labor Statistics. The rate wavered only slightly in April and May, from 11.8% to 12%, respectively. But over that same period, employment in the financial activities sector barely budged. Jobs in finance fell from 81,700 in March, when the pandemic hit, to 81,400 in May – a 0.2% differential. The trend extends across South Florida. Banking and finance employment across Miami-Dade, Broward and Palm Beach counties – a roughly 188,000-job sector – was just 0.1% less in June than in the year prior, the smallest dip among 12 job sectors the bureau. Tony Villamil, Founder and Sr. Advisor of the firm The Washington Economics Group, Inc. said that the change in service just calls for a different sort of workforce. He added “It’s a shift toward software developers and high-tech employment versus more manual work,” he said. “What will be interesting to see is if the rate of employment growth in financial services will slow to more of a flattening of the curve as opposed to a decrease.” Read full article here (for subscribers only)
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