County's unemployment rate rises to 5.5 percent
By Thomas Kupper
UNION-TRIBUNE STAFF WRITER
12:00 p.m. June 20, 2008
San Diego County's unemployment rate rose to 5.5 percent last month, the highest it's been in nearly five years, reflecting the loss of 3,200 jobs in the local economy over the past year.
It was the largest annual job loss the state Employment Development Department has reported since the prolonged local recession of the early 1990s, when thousands of defense-related jobs were eliminated.
The department also reported Friday that statewide unemployment rose sharply to 6.8 percent, compared with 6.2 percent a month earlier. Statewide employment was down by 10,900 jobs from a year earlier.
The San Diego employment rate was up from 5.1 percent in April.
As in recent months, the largest job losses were in areas tied to the collapse of the real estate market, with builders cutting back activity or leaving the area entirely.
There were 8,900 fewer construction jobs in the county than a year earlier, a decline of 10 percent. Financial businesses showed a decline of 5,400 jobs, or 6.7 percent, with losses in lending, real estate sales and leasing.
One area that showed an increase was leisure and hospitality, with 4,500 more jobs than a year earlier.
Statewide data showed similar trends, with construction employment down by 88,400 jobs from a year earlier. Financial services declined by 34,900 over the year.
While the local job losses are mild compared with the 1990s recession, when annual losses peaked at just over 20,000 a year, they represent a break from 15 years of continual economic expansion.
March's employment data was the first since 1993 to show local job losses on an annual basis, with April data showing a small increase. During the national recession early this decade, local job growth dropped sharply but never declined over a one-year period.
Thomas Kupper: (619) 293-1037; thom.kupper@uniontrib.com
UNION-TRIBUNE STAFF WRITER
12:00 p.m. June 20, 2008
San Diego County's unemployment rate rose to 5.5 percent last month, the highest it's been in nearly five years, reflecting the loss of 3,200 jobs in the local economy over the past year.
It was the largest annual job loss the state Employment Development Department has reported since the prolonged local recession of the early 1990s, when thousands of defense-related jobs were eliminated.
The department also reported Friday that statewide unemployment rose sharply to 6.8 percent, compared with 6.2 percent a month earlier. Statewide employment was down by 10,900 jobs from a year earlier.
The San Diego employment rate was up from 5.1 percent in April.
As in recent months, the largest job losses were in areas tied to the collapse of the real estate market, with builders cutting back activity or leaving the area entirely.
There were 8,900 fewer construction jobs in the county than a year earlier, a decline of 10 percent. Financial businesses showed a decline of 5,400 jobs, or 6.7 percent, with losses in lending, real estate sales and leasing.
One area that showed an increase was leisure and hospitality, with 4,500 more jobs than a year earlier.
Statewide data showed similar trends, with construction employment down by 88,400 jobs from a year earlier. Financial services declined by 34,900 over the year.
While the local job losses are mild compared with the 1990s recession, when annual losses peaked at just over 20,000 a year, they represent a break from 15 years of continual economic expansion.
March's employment data was the first since 1993 to show local job losses on an annual basis, with April data showing a small increase. During the national recession early this decade, local job growth dropped sharply but never declined over a one-year period.
Thomas Kupper: (619) 293-1037; thom.kupper@uniontrib.com
Labels: California, San Diego, unemployment
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