Labor Market Report for August 2023
The California Labor Market Information Division released its August 2023 report earlier this month, showing for Ventura County a month-over-month decline by 600 jobs and an increase in unemployment. The County’s unemployment rate increased from 4.2% in July to 4.6% in August.
Most every summer we see a small increase in the unemployment rate from July to August, though this year’s bump is considerably larger than usual. We note, however, that the State’s Labor Market Information Division just completed a recalibration of the labor market data, and the adjustments often result in some unusual discontinuity at the industry sector level.
With that in mind, we note that Ventura County’s job losses were concentrated in three industry sectors, Farm down 1,200, Private Education and Health Services down 500, and Leisure and Hospitality down by 1,000
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