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State Labor Force Accelerates; Unemployment Rate Remains Steady In a recent economic report released by Economic Development Department (EDD), and according to an analysis released jointly by Beacon Economics and the UCR School of Business Center for Economic Forecasting and Development, Nonfarm payrolls in the state expanded by 14,600 in February, about 9,000 less than the average across all of last year. However, January’s monthly gain was revised up from 3,000 to 5,900, nearly double the initial estimate. “California’s labor market is essentially at full-employment, and has been for most of the past year,” said Robert Kleinhenz, Executive Director of Research at Beacon Economics and the Center for Forecasting. “That may account in part for the slower pace of job growth so far this year, but you also have to look at the individual sectors of the economy and their current circumstances.” A broader look at the California Labor Market Indicators for February 2019 show a steady upward trend. February 2019 California Employment Highlights OVERVIEW California’s seasonally adjusted unemployment held steady at 4.2 percent in February 2019. The rate fell by just 0.1 percent point over the year in February. This was the state’s smallest year-over rate decrease since January 2011. Six of California’s 11 major industry sectors added jobs in January and five lost jobs. The industry sectors that added the most jobs were professional and business services (12,500) and leisure and hospitality (6,600). The industry sectors that lost the most number of jobs in February 2019 were construction (7,700) and manufacturing (5,400). EMPLOYMENT AND UNEMPLOYMENT California’s seasonally adjusted unemployment rate held steady at 4.2 percent in February 2019 and remained just 0.1 percent higher than the record low rate of 4.1 percent that occurred in the last half of 2018. At the regional level, growth was concentrated in the San Francisco Bay Area in February. The San Francisco (MD) led the way, boosting payrolls by 3,700. This was followed by growth in San Jose (+3,000) and the East Bay (+1,400). From a year-over-year perspective, San Francisco (MD) (+3.8%) has been the fastest growing, followed by San Jose (+2.2%), the East Bay (+1.2%), and the San Rafael (MD) (+0.8%). In a shining light in the report was on the Central Coast. Santa Cruz was in the lead in the latest numbers boosting payrolls by 600. Payrolls contracted in Salinas (-700), San Luis Obispo (-600), and Santa Barbara (-500). From a year-over-year perspective, Salinas (+2.1%) has been growing the fastest, followed by Santa Barbara (+1.9%), Santa Cruz (+1.5%), and San Luis Obispo (+0.4%). We inquired with the folks at Beacon Economics about the report. Kleinhenz noted that the overall job change in Santa Cruz as mentioned below (+600) and the leading sources of job growth for our region. When breaking down the numbers — the nonfarm total was equally driven by job creation in retail trade, professional business and education health. A look at Santa Cruz County’s unemployment rate shows a slight uptick: To review a more detail California Employment Highlights, you can see them here: https://www.labormarketinfo.edd.ca.gov/file/lfmonth/Employment-Highlights.pdf This report shows a very steady job market throughout the state and specifically in Santa Cruz County where we usually trend with higher unemployment and lower job growth — this signals a steady month as we head into the spring and summer months which traditionally are our region’s best employment months including farm and nonfarm employment. The Santa Cruz Sentinel reported earlier this week positive trends in the leisure and hospitality markets. Read the story here: https://www.santacruzsentinel.com/2019/03/26/unemployment-rate-remains-steady/ Let’s hope the spring brings us warmer and sunnier weather as we head into the Easter Holidays break. This can be bell weather for our community.
State Labor Force Accelerates; Unemployment Rate Remains Steady
In a recent economic report released by Economic Development Department (EDD), and according to an analysis released jointly by Beacon Economics and the UCR School of Business Center for Economic Forecasting and Development, Nonfarm payrolls in the state expanded by 14,600 in February, about 9,000 less than the average across all of last year. However, January’s monthly gain was revised up from 3,000 to 5,900, nearly double the initial estimate.
“California’s labor market is essentially at full-employment, and has been for most of the past year,” said Robert Kleinhenz, Executive Director of Research at Beacon Economics and the Center for Forecasting. “That may account in part for the slower pace of job growth so far this year, but you also have to look at the individual sectors of the economy and their current circumstances.”
A broader look at the California Labor Market Indicators for February 2019 show a steady upward trend.
February 2019 California Employment Highlights OVERVIEW
California’s seasonally adjusted unemployment held steady at 4.2 percent in February 2019. The rate fell by just 0.1 percent point over the year in February. This was the state’s smallest year-over rate decrease since January 2011. Six of California’s 11 major industry sectors added jobs in January and five lost jobs. The industry sectors that added the most jobs were professional and business services (12,500) and leisure and hospitality (6,600). The industry sectors that lost the most number of jobs in February 2019 were construction (7,700) and manufacturing (5,400).
EMPLOYMENT AND UNEMPLOYMENT California’s seasonally adjusted unemployment rate held steady at 4.2 percent in February 2019 and remained just 0.1 percent higher than the record low rate of 4.1 percent that occurred in the last half of 2018.
At the regional level, growth was concentrated in the San Francisco Bay Area in February. The San Francisco (MD) led the way, boosting payrolls by 3,700. This was followed by growth in San Jose (+3,000) and the East Bay (+1,400). From a year-over-year perspective, San Francisco (MD) (+3.8%) has been the fastest growing, followed by San Jose (+2.2%), the East Bay (+1.2%), and the San Rafael (MD) (+0.8%).
In a shining light in the report was on the Central Coast. Santa Cruz was in the lead in the latest numbers boosting payrolls by 600. Payrolls contracted in Salinas (-700), San Luis Obispo (-600), and Santa Barbara (-500). From a year-over-year perspective, Salinas (+2.1%) has been growing the fastest, followed by Santa Barbara (+1.9%), Santa Cruz (+1.5%), and San Luis Obispo (+0.4%).
We inquired with the folks at Beacon Economics about the report. Kleinhenz noted that the overall job change in Santa Cruz as mentioned below (+600) and the leading sources of job growth for our region.
When breaking down the numbers — the nonfarm total was equally driven by job creation in retail trade, professional business and education health.
A look at Santa Cruz County’s unemployment rate shows a slight uptick:
To review a more detail California Employment Highlights, you can see them here: https://www.labormarketinfo.edd.ca.gov/file/lfmonth/Employment-Highlights.pdf
This report shows a very steady job market throughout the state and specifically in Santa Cruz County where we usually trend with higher unemployment and lower job growth — this signals a steady month as we head into the spring and summer months which traditionally are our region’s best employment months including farm and nonfarm employment.
The Santa Cruz Sentinel reported earlier this week positive trends in the leisure and hospitality markets. Read the story here: https://www.santacruzsentinel.com/2019/03/26/unemployment-rate-remains-steady/
Let’s hope the spring brings us warmer and sunnier weather as we head into the Easter Holidays break. This can be bell weather for our community.