I just put a brief writeup about the June employment numbers up at voiceofsandiego.org. The following graph was featured:
Note that while the housing-boom sectors held fairly steady in terms of annual change, it was the non-housing part of the local economy that weakened this month. Employment was still very much positive, but the rate of annual growth declined pretty noticably from recent months. The data suggests that housing and financial market weakness is spilling over into the rest of the economy (although these numbers are subject to heavy revision).
Here is a look at the same data in percentage terms:
…and a look at how the different sectors stack up… the non-housing weakness stands out on this chart:
Fairly robust employment outside the decimated housing sectors has been a big underpinning to real estate values in the non-subprime markets thus far. If the trend of more general job weakness continues we might start to see something more like the 1990s housing bust where different areas fell at more or less the same rate. But I’d want to see a few more months of data to establish a firm trend before drawing any such conclusions.