Tag: Labor Market Report

Bilingual report — Economic Development Collaborative (EDC) Economic 411 Labor Market Report

by Community Contributor • May 1, 2024 • Comments Off

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.

Bilingual report — Economic Development Collaborative (EDC) 411 Labor Market Report

by Community Contributor • October 24, 2023 • Comments Off

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.

Bilingual report — EDC’s Economic 411 Labor Market Report

by Community Contributor • September 20, 2022 • Comments Off

Labor Market Report for August 2022

The California Labor Market Information Division (LMID) released its August 2022 report on Friday, the overall data showing little change, though an uptick in the Ventura County unemployment rate, from 3.2% in July to 3.5% in August. That increase, however, had less to do with any loss in jobs—in fact, Ventura County had zero change in total industry employment, from July to August—rather its cause was by a change in the total participating in the labor force, specifically by an increase in the total number of officially unemployed workers, up from 13,100 in July to 14,300 in August. We’ll unravel that best we can a bit more in our commentary below. For the official August data, click here.

EDC’s Economic 411 Labor Market Report for November 2021

by Community Contributor • December 20, 2021 • Comments Off

The California Labor Market Information Division (LMID) released its November 2021 report on Friday the 17th, revealing a strong three-month trend of improvements in Ventura County’s unemployment rate, now at 4.4%, down from 5.0% in October. Also showing some positive movement, employment gains were a bit more widely distributed than in prior months, though up in only six of the twelve major subsectors.

What’s a bit more disappointing, however, is the lackluster showing in holiday Retail hiring. While Retail gained 900 jobs in November, we’re actually showing 300 fewer Retail jobs this November than last and we’re off by 3,600 jobs since November 2019. None of this is surprising given the movement to on-line purchasing, but it’s worth reminding that the loss of these temporary holiday jobs has taken a ton of work experience opportunities away from young workers and has reduced opportunity for a boost in family incomes during the holidays. For more commentary on the data, see below; for the monthly detail, the LMID release is here.

EDC’s Economic 411 Labor Market Report for August 2021

by Community Contributor • September 20, 2021 • Comments Off

The California Labor Market Information Division (LMID) released its August 2021 report earlier today, showing moderate improvement to our unemployment rate but some surprising, even disturbing volatility in the labor force and employment data.

On the upside, the Ventura County unemployment rate improved from 6.4% in July to 6.2% in August, somewhat encouraging news since we’re still dealing with the slowdown caused by the Delta variant.

On the downside, that improvement owes less to new job creation than to the month’s dropout of 4,000 workers from the labor force, meaning they’re neither working nor even looking for work. That’s a big reduction to the County’s productivity and earnings, even worse for us that it’s on top of the roughly 9,000 workers we were already down from pre-pandemic levels.

EDC’s Economic 411 Labor Market Report for October 2020

by Community Contributor • November 23, 2020 • Comments Off

The California Labor Market Information Division released its October 2020 report earlier today, showing a slight acceleration in our month-over-month recovery, our unemployment rate improving from a revised 8.3% in September to 7.1% in October. That’s encouraging, though the region’s recent move back to the more restricted Purple Tier will almost certainly slow or even stall the recovery and, indeed, we are starting to see an increase in new unemployment insurance claims. And while 7.1% is a grand improvement over our low point of 13.9% in April, it’s still more than double the 3.4% we enjoyed in October 2019. See here for the current summary detail.