Labor Market Report for September 2023
The California Labor Market Information Division released its September 2023 report earlier this month, showing moderate improvement across all the major labor market indicators. Ventura County gained a total of 2,800 industry jobs, helping to lower the unemployment rate from 4.7% in August to 4.5% in September.
While those are positive indicators for the economy, more interesting was the increase in the total labor force by 5,900 workers, now at 418,800, an encouraging upsurge but still 2,300 workers shy of our pre-pandemic level in September 2019. It appears now that most of the workers that dropped out during COVID are back, except—and this is significant—for those who aged out of the labor force or left the region entirely. The “aging out” piece might be the biggest part of the story, as the demographics show we are aging as a region.
