Homepage > Business Development >  Goal 5: Build an attractive global and local economic community marketplace. > Unemployment rate >

2020

Unemployment rate

Status Indicators:
Proceeding as Planned
 Monitoring Progress
Reviewing for Improvement
Information Unavailable

Status Indicators: Proceeding as Planned |  Monitoring Progress | Reviewing for Improvement | Information Unavailable

Unemployment rate is one of the major variables used to measure the overall health of the economy by measuring the unused, available resources in an economy.  When individuals want to work, but cannot find jobs, the production possibilities of the economy are not fully realized. 

The unemployment rate is a lagging indicator, meaning it measures the effect of economic events, such as a recession or a pandemic. The unemployment rate does not rise until after a recession or pandemic has already started. It also means the unemployment rate will continue to rise even after the economy has started to recover, giving businesses enough time to adjust to better market conditions and become confident in hiring again.

Data being used here is produced by U.S. Bureau of Labor Statistics, Local Area Unemployment Statistics (LAUS).  For further information about LAUS please see the Source tab.  

The target for 2024 is set to maintain the 2018 unemployment rate of the City which is above full employment as estimated by the Federal Reserve. The Federal Reserve estimates that an unemployment rate between 4.5% - 5% indicates full employment.

The data source for this indicator is the U.S. Bureau of Labor Statistics, Local Area Unemployment Statistics (LAUS) program, Unemployment Rates for Large Metropolitan Areas, Annual Averages, Miami-Fort Lauderdale-West Palm Beach, 2020 rate, based on a 2020 Census population of 1 million or more. 

City of Fort Lauderdale
100 North Andrews Avenue | Fort Lauderdale, FL 33301
www.fortlauderdale.gov

Office of Management and Budget
Division of Structural Innovation
Contact: [email protected]

City of Fort Lauderdale
100 North Andrews Avenue | Fort Lauderdale, FL 33301
www.fortlauderdale.gov

Office of Management and Budget
Division of Structural Innovation
Contact: [email protected]