The California Labor Market Information Division (LMID) released its November 2022 report on Friday, showing a rise in the Ventura County unemployment rate, from 3.4% in October to 3.7% in November. While that’s still an extremely low rate by any standard, the November increase is a bit unusual, given how we used to get a more substantial holiday boost in Retail hiring, and thereby a lowering of unemployment. That seasonal hiring of course has slowed in recent years, with the shift away from bricks and mortar Retail toward on-line purchasing. Ventura County did add 1,200 Retail jobs in November, but that’s low compared to what had been more commonly more than 2,000 up until around 2014, when the slide became more noticeable.
Looking at the larger picture for November, hiring in the other industry sectors wasn’t enough to compensate for the relatively slow holiday hiring in Retail, as we gained only a net 200 industry jobs. For the official November data, click here.
