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SLO jobless rate at record low

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December 29,2107

San Luis Obispo registered a record low 2.9 percent jobless rate in November according to the EDD. Since the agency posted numbers from 1990 onward – there has been no month with this low an unemployment rate.

There has been a dramatic decline in the number of jobless in the county, a drop of 21 percent from November 2016. That translates into a decline from 5300 persons in November 2016 to 4200 this November.

Key to the dramatic number is the fact that the SLO labor force has not grown at all( 56,000) year-over-year, while the number of jobs has grown by 1100. Some sources suggest the tight labor market could be tied to high housing costs.

Statewide,California’s unemployment rate fell to 4.6 percent in November and Nonfarm payrolls jobs increase by 47,400.
California’s jobless rate was also at record lows, falling to 4.6 percent in November – a record low in a data series dating back to the beginning of 1976.

In November 2016, the state’s unemployment rate was 5.3 percent.

California has now gained a total of 2,734,800 jobs since the economic expansion began in February 2010.

The U.S. unemployment rate was unchanged in November at 4.1 percent, while the nation’s employers added 228,000 nonfarm payroll jobs.

“The fact that California’s unemployment rate is at its lowest point since 1976 confirms that the state’s labor market reached full-employment in 2017,” said Robert Kleinhenz, Executive Director of Research at Beacon Economics and the UCR School of Business Center for Forecasting. “Nearly all the unemployment at this point is ‘frictional’, or in other words, due to people leaving their jobs voluntarily. As we leave 2017 and enter 2018, growth across the state will be constrained by limited growth in the labor force.”

Back in San Luis Obispo County year-over-year figures show a small rebound of 200 more jobs on farms,6800 compared to 6600.

Among nonfarm jobs we grew by 700 year- over-year, with an increase of 100 seen in non-durable manufacturing (likely software), 100 more in healthcare, 10o in hospitality and a surprising 300 more retail jobs this November compared with last



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