According to the California Employment Development Department’s latest estimates, San Diego’s year-over-year rate of job losses hit a new low last month. Between April 2008 and April 2009, according to the EDD, San Diego employment declined by 45,300 jobs or 3.7 percent. The orange line on the graph below shows that this is as steep a rate of decline as we’ve seen this downturn. Also included on the graph are the three sectors that most benefited from the erstwhile housing boom as well as the job market exclusive of those three sectors:
Looks like a bottom to me.
Looks like a bottom to me. Not a bottom to home prices but for the economy. With the 10 year T-bill rising,inflation is right around the corner and that should boost the stock market. Unemployment can only go up,right? Hopefully anyway. Oops I forgot my calculus, it is only a point of inflection, so we are halfway to the bottom.
Another month or two and we
Another month or two and we should reach 1930’s level unemployment. 11.3% in CA is the U-3 number. U-6 is approx. twice U-3. So CA is really ~22% unemployment/under employment, given-up, off the rolls…etc…
I find it hard to believe
I find it hard to believe that “Finance/RE” and “Retail” to a lesser extent has hardly suffered since Jan-07 compared to the other industries. Is this correct?
What is “Everything Else”? This sector has had the biggest drop.
Looking at this graph, you wouldn’t believe we are in a housing crash.
Omega Point wrote:I find it
[quote=Omega Point]I find it hard to believe that “Finance/RE” and “Retail” to a lesser extent has hardly suffered since Jan-07 compared to the other industries. Is this correct?
What is “Everything Else”? This sector has had the biggest drop.
Looking at this graph, you wouldn’t believe we are in a housing crash.[/quote]
Click through to the whole article… look at the percentage graph.
Rich
Rich Toscano wrote:Omega
[quote=Rich Toscano][quote=Omega Point]I find it hard to believe that “Finance/RE” and “Retail” to a lesser extent has hardly suffered since Jan-07 compared to the other industries. Is this correct?
What is “Everything Else”? This sector has had the biggest drop.
Looking at this graph, you wouldn’t believe we are in a housing crash.[/quote]
Click through to the whole article… look at the percentage graph.
Rich[/quote]
I, for one, would be curious to see what counts as employment in RE.
Many friends of mine simply picked back up what they were doing prior to 2003 and kept doing RE part time.
I was the douchebag that stuck with it.
I am still unsure who made better choices here.
UR – I’m fairly certain that
UR – I’m fairly certain that your friends wouldn’t count as being in RE. So it’s all fairly rough — though there were part timers during the boom who’ve probably bailed entirely, so maybe it kind of evens out.
Rich
I am enjoying the fun with
I am enjoying the fun with stats that is going on with the newest unemployment numbers out. Apprently Ca unemployment led the country down with nealy 64k jobs lost last month, but the unemployment number IMPROVED to 11% from 11.2% So either alot of people left the state, won the lottery, or gave up hope and stopped looking for jobs. Ahhh, fun with stats.
Theoretically, we could keep
Theoretically, we could keep losing jobs all year the the official number could stay the same or go down.