FYI Miami: July 25, 2013
HOUSING FUELS PRICE RISE: Consumer prices for Miami-Dade and Broward counties rose 1.6% in the 12 months ended June 30, the US Bureau of Labor Statistics reports, fueled by a 2.3% rise in the cost of housing. Food prices alone in the period rose 0.8%, with the largest share of that increase in costs of dining out, a 1.8% rise. The cost of energy in the region rose 2.3% in the 12 months, with much of that a 3.2% increase in gasoline costs. But while long-term prices were rising, prices dipped a bit in May and June, declining 0.1% in South Florida, the federal agency found. In that shorter period, energy prices fell 0.9% while food prices rose 0.5%.
FINANCIAL COMEBACK: Financial sector jobs continue their march back from their dive with the recession. June financial sector employment in Miami-Dade County rose to 72,700 jobs, according to the US Bureau of Labor Statistics, a 3.3% gain in one year from 70,400 in June 2012 Ð the highest percentage gain, in fact, in any sector in Miami-Dade over that period. Financial jobs hit their peak in the county at 78,000 in December 2006, before the recession crunched the industry. The comeback is far from complete, but June’s gains brought the county employment total in the sector to the highest point since July 2008, when Miami-Dade had 72,900 persons working in financial activities.
SMALLER GOVERNMENT: Those who complain about Big Government should first look at data from the US Bureau of Labor Statistics: government employment in Miami-Dade is rapidly shrinking, down 3.7% in the past 12 months alone to 124,300 jobs. Government employment is always lowest when teachers are out of school along with students, but the drop in government employment brought the figure to its lowest June total since 1991. Government employment peaked in the county at 157,800 jobs in February 2008. Just five years later, in February this year, the number had fallen to 138,700.
GASSING UP UP: Gasoline prices in Miami-Dade have been rising rapidly, with a 4.1 cent per gallon increase in the past week to an average of $3.69 per gallon, according to a survey of 1,690 local gasoline outlets by GasBuddy, a gasoline price web site. The national price increased during the period 3.2 cents to an average of $3.68 per gallon, the site reported. Gasoline prices last week in Miami were 17.1 cents higher per gallon than a year ago and 10.5 cents per gallon higher than a month ago.