San Benito County’s unemployment rate dropped to an astounding 4.5 percent and remained at historically low levels in the latest figures released by the state.
The California Economic Development Department released its August jobless numbers that showed the county was at 4.5 percent with an estimated 1,400 eligible workers on unemployment in a workforce of 30,500.
The county is traditionally at a much higher figure than the state, which had unemployment of 4.2 percent in August, according to the EDD. Statewide, the number held at a record low for the fifth consecutive month in a series dating back to 1976, according to the state. The national jobless rate remained unchanged at 3.9 percent in the month.
San Benito County’s unemployment rate was just under 5 percent for the month of July, so August saw even more improvements on already low numbers. Nationwide and statewide, the figures represent what basically amounts to full employment, meaning other factors outside of the economy are generally playing into unemployment for the people receiving benefits.
Compared with a year ago, San Benito County’s unemployment rate was at 5.9 percent in August 2017, while the state’s was 5.1 percent, according to the EDD.
According to a press release from the EDD on the broader numbers:
California’s unemployment rate rose to 5.1 percent, while the state’s nonfarm payroll employment fell by 8,200 jobs in August, according to data released today by the California Employment Development Department (EDD) from two surveys. California has now gained a total of 2,591,200 jobs since the economic expansion began in February 2010.
The U.S. unemployment rate increased 0.1 percentage point in August to 4.4 percent, with employers nationwide adding 156,000 nonfarm payroll jobs.
In July, the state’s unemployment rate was 4.8 percent, and in August 2016, the unemployment rate was 5.4 percent. The unemployment rate is derived from a federal survey of 5,100 California households.
Nonfarm payroll jobs in California totaled 16,777,800 in August, according to a survey of businesses that is larger and less variable statistically. The survey of 71,000 California businesses measures jobs in the economy. The year-over change, August 2016 to August 2017, shows an increase of 265,100 jobs (up 1.6 percent).
EMPLOYMENT AND UNEMPLOYMENT IN CALIFORNIA
The federal household survey, done with a smaller sample than the survey of employers, shows a decrease in the number of employed Californians over the month but an increase over the year. It estimates the number of Californians holding jobs in August was 18,197,000, a decrease of 14,000 from July, but up 95,000 from the employment total in August of last year.
The number of unemployed Californians was 972,000 in August – up by 46,000 over the month, but down by 59,000 compared with August of last year.
PAYROLL EMPLOYMENT DETAIL (SEASONALLY ADJUSTED)
EDD’s payroll employment report (wage and salary jobs) in the nonfarm industries of California totaled 16,777,800 in August, a net loss of 8,200 jobs from July. This followed a revised gain of 84,500 jobs in July.
Month-over Job Gains
Six of California’s eleven industry sectors added a total of 22,200 jobs in August. Other services posted the largest jobs increase with a gain of 7,600 jobs, followed by manufacturing, up 6,600 jobs, and trade, transportation and utilities, up 3,900 jobs. Other sectors adding jobs over the month were information; construction; and educational and health services.
Five industry sectors reported job declines over the month, down a total of 30,400 jobs. Leisure and hospitality posted the largest decrease over the month, down 12,400 jobs, followed by professional and business services, down 11,500 jobs. Other sectors posting declines were government; mining and logging; and financial activities.
Year-over Job Gains
In a year-over-year comparison (August 2016 to August 2017), nonfarm payroll employment in California increased by 265,100 jobs (a 1.6 percent increase).
Nine of California’s eleven industry sectors added a total of 269,000 jobs year-over. The largest job gains were in educational and health services, up 75,400 jobs (a 3.0 percent increase); construction, up 47,400 jobs (a 6.1 percent increase); and leisure and hospitality, up 39,500 jobs (a 2.1 percent increase). Other sectors adding jobs over the year were government; other services; trade, transportation and utilities; professional and business services; financial activities; and information.
Year-over Job Losses
Two industry sectors posted job declines over the year, down a total of 3,900 jobs. Manufacturing fell by 2,800 jobs (down 0.2 percent), and mining and logging declined by 1,100 jobs (down 4.6 percent).
UNEMPLOYMENT INSURANCE CLAIMS (NOT SEASONALLY ADJUSTED)
In related data, the EDD reported that there were 340,670 people receiving regular Unemployment Insurance benefits during the August survey week. This compares with 343,729 in July and 352,085 in August of last year. At the same time, new claims for Unemployment Insurance were 38,074 in August, compared with 45,264 in July and 39,095 in August of last year.