| Labor Market Report for March 2024
The California Labor Market Information Division released its March 2024 report, displaying a strong improvement in the Ventura County unemployment rate, from an adjusted 5.1% in February down to 4.6% in March. Job creation was more moderate in improvement, with a net increase by 2,900 payroll jobs, driven primarily by an increase in Farm jobs, up 1,800 in March.
Looking year-over-year, Ventura County added 7,200 jobs across all industries, 5,000 in the private sector, 1,200 in the public sector.
Taking a longer look back, all sectors included, the County is up 5,300 jobs over the pre-COVID baseline. The month-to-month data continues to show a fairly strong recovery in industry jobs and hiring, while the labor market remains volatile.
For the monthly data, click https://labormarketinfo.edd.ca.gov/file/lfmonth/vent$pds.pdf
Looking more closely at industry data, some of the more notable sector data points include:
- Construction added 100 jobs in March, up 200 year-over-year, to 17,700.
- Manufacturing was unchanged, for the 2nd month in a row, still at 26,600 jobs and just about exactly even with the pre-COVID level.
- Retail Trade remained unchanged at 36,200, actually up 200 year-over-year and showing signs of leveling off after years of trending toward decline.
- Financial Activities was unchanged in March, at 15,200 down 100 year-over-year and down around 800 since prior to pandemic.
- Private Education & Health Services continues to lead in job creation, currently at 56,700 jobs, up 300 in March and up a whopping 4,300 year-over-year. Adding to that, the sector is up by more than 10% since the start of the pandemic. This is a truly remarkable record of hiring, especially considering that during the depths of the pandemic the sector fell all the way down to 44,900.
- Leisure & Hospitality gained 100 jobs in March, up by 300 year-over-year, and leveling off a bit after a strong couple years of recovery since the low point of the pandemic. The sector still has some room to grow to catch up to pre-COVID levels, which we expect to happen this summer.
- Finally, Government gained 500 jobs in March, and up a very strong 1,200 year-over-year. Interestingly though, unlike most months of the recent past, the growth was not in the restoration of jobs in public education, rather in a mix of other state and local government.
For a look at monthly comparatives, Ventura County gained four slots in March, to a very competitive 14th among the state’s 58 counties. At 4.6%,Ventura County remains ahead of the state as a whole, which improved from 5.6% in February to 5.1% in March, though we trail still the nation as a whole, which also improved from 4.2% in February to 3.9% in March. All things considered, March was a strong month both regionally and nationally for getting back to work.
For a look at our surrounding counties, after several months of backsliding, at 5.1% Santa Barbara improved from 23rd in February to 19th in March. San Luis Obispo improved by one slot, now in 5th at 4.0%.
To the south, Los Angeles saw its unemployment rate increase for the first time in several months, up from 5.0% in February to 5.2% in March, and up from 15th to 21st in the rankings.
To the inland, Kern dropped from 50th to 52nd, though its unemployment rate improved from 10.2% in February to 10.1% in March.
For the top counties, San Mateo remains in 1st, though improved from 3.7% in February to 3.5% in March, San Francisco and Marin tied for 2nd at 3.7%, Orange County moved up one slot to 4th at 3.9%, and San Luis Obispo and Mono Counties tied for 5th at 4.0%. Rounding out the top ten, Santa Clara is 7th at 4.1%, Sonoma and Napa tied for 8th at 4.2%, and Placer and Inyo tied for 10th at 4.3%. Just ahead of Ventura County are San Diego in 12th at 4.4% and Nevada County 13th at 4.5%. Alameda is tied with Ventura County for 14th at 4.6%.
For the monthly comparative data by county, click here. Unemployment rates and related data by county are variously displayed in the state’s Interactive Maps and Data Tools.
Questions, comments, please let us know, bruce@edcollaborative.com. |
