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San Diego County’s job market ended 2016 on a healthy note, with the region’s overall unemployment rate falling from 4.3% to 4.2% in December, according to the monthly California Employment Development Department report, which found the region's job market has continued to grow, but at a slower rate. Adjusting for seasonal variation, local unemployment was 4.5%, but still well below California’s 5.2% adjusted rate and the nation’s 4.7%.
Unemployment rates stabilized or dropped for 17 of the region’s jurisdictions, and six jurisdictions have unemployment rates lower than the regional rate, Carlsbad (3.7%), Coronado (2.4%), Del Mar (0.4%), Encinitas (3.4%), San Diego (3.9%) and Santee (4.1%).
Employment was up by 28,000 jobs, or 2%, compared to a year ago. This gain was driven by the private sector, which accounted for 78% of job growth, or 24,400 jobs. Real estate led the way, up 6.1% over the past 12 months, followed by wholesale trade, up 4.8%, and services and leisure & hospitality both rose 3%.
While the region did experience a drop of 900 jobs in December, this was half as much as the 1,800 job decline during the same period in 2015. Decreases in construction, leisure and hospitality, manufacturing and government employment overshadowed gains in trade, transportation, utilities, education and health services, the report said. [EDC]
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