The California Labor Market Information Division (LMID) released its May 2022 report last Friday, Ventura County breaking for the second month in a row our lowest recorded unemployment rate going all the way back to 1990, down from 3.0% in April to 2.7% in May. While both April and May were record-setting, the May number is truly remarkable, the first time in at least 32 years that Ventura County has dropped below three percent. For the May data, click here.
That noted, you may recall from our prior recent reports that we’ve become less interested in the unemployment rate as an indicator of our economic health, and more focused on the size of our total labor force and the total numbers of employed workers and industry jobs. On each of those fronts we at least moved very moderately in the right direction in May, but not enough to suggest that our local economy is anywhere near fully recovered.