San Diego's Job Recovery Continued in November

Submitted by Rich Toscano on December 18, 2011 - 7:50pm
San Diego employment was up in November, per the Employment Development Department's latest estimates:



continue reading at voiceofsandiego.org

(category: )

Submitted by AN on December 18, 2011 - 8:28pm.

If the job recovery continue at the rate it has been growing over the last 2 years, we probably will be back to peak employment level in about 2 years. Not too shabby.

Submitted by poorgradstudent on December 20, 2011 - 10:07am.

Definitely a very positive data point. Even the bubble sectors have added jobs for the past 5 months, while private non-bubble looks to be picking up steam. Hopefully this can create a nice snowball effect as more jobs creates more demand.

Submitted by Rich Toscano on December 20, 2011 - 10:33am.

poorgradstudent wrote:
Definitely a very positive data point. Even the bubble sectors have added jobs for the past 5 months, while private non-bubble looks to be picking up steam. Hopefully this can create a nice snowball effect as more jobs creates more demand.

I made this same point when jobs were plummeting, and people were making basically the exact opposite point that you are. Employment is a lagging indicator of economic growth. Which is another way of saying, the causality doesn't go from jobs -> growth, it goes from growth -> jobs. So while these numbers are interesting in their own right, I don't think they have much predictive capability.

Submitted by david001 on December 22, 2011 - 11:43am.

Nice it explains a lot. Thanks.

Submitted by CA renter on December 22, 2011 - 5:46pm.

Rich Toscano wrote:
poorgradstudent wrote:
Definitely a very positive data point. Even the bubble sectors have added jobs for the past 5 months, while private non-bubble looks to be picking up steam. Hopefully this can create a nice snowball effect as more jobs creates more demand.

I made this same point when jobs were plummeting, and people were making basically the exact opposite point that you are. Employment is a lagging indicator of economic growth. Which is another way of saying, the causality doesn't go from jobs -> growth, it goes from growth -> jobs. So while these numbers are interesting in their own right, I don't think they have much predictive capability.

But couldn't one argue that a better job market increases optimism and confidence, which would make people more inclined to spend and take on more debt, resulting in higher demand/growth?

Either way, this is definitely good news. I hope this trend continues.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.