How is California doing for employment? Statewide our average is 25% higher than the national average. San Bernardino, while it has record employment—also has a massive increase in unemployment.
“The number of jobless San Bernardino County residents has grown by 10,295 in a year, but that might not be as bleak as it sounds.
My trusty spreadsheet reviewed November’s employment stats from the Bureau of Labor Statistics, which found 50,668 workers were officially unemployed countywide – an eye-catching 12-month jump of 25%.
Please note: November’s jobless count is 16% below the 60,076 average since 1990. And it’s nowhere near the record high of 136,301 in April 2020.
If you are one of the newly unemployed, having a lot of other people employed does not make you feel better.
San Bernardino County joblessness jumps 25% in a year
The county had a record-setting workforce of 1.02 million in November
By JONATHAN LANSNER, Orange County Register, 1/25/24 https://www.sbsun.com/2024/01/25/san-bernardino-county-joblessness-jumps-25-in-a-year/?utm_email=95C3E5E4E4E5A580647814C571&lctg=95C3E5E4E4E5A580647814C571&active=no&utm_source=listrak&utm_medium=email&utm_term=https%3a%2f%2fwww.sbsun.com%2f2024%2f01%2f25%2fsan-bernardino-county-joblessness-jumps-25-in-a-year%2f&utm_campaign=scng-sbs-localist&utm_content=curated
The number of jobless San Bernardino County residents has grown by 10,295 in a year, but that might not be as bleak as it sounds.
My trusty spreadsheet reviewed November’s employment stats from the Bureau of Labor Statistics, which found 50,668 workers were officially unemployed countywide – an eye-catching 12-month jump of 25%.
Please note: November’s jobless count is 16% below the 60,076 average since 1990. And it’s nowhere near the record high of 136,301 in April 2020.
Also, San Bernardino County had 969,184 residents employed in November, and that’s off only 3,978 from 12 months earlier – or a 0.4% decrease. Employment is not far off from its peak of 979,614 set in December 2022.
Remember, the Federal Reserve has been using higher interest rates for almost two years to cool an overheated US economy that was once producing the highest inflation rates in four decades. So, a sluggish job market isn’t totally unexpected.
But much of this growth in local joblessness can be tied to an increased number of people returning to the job market.
San Bernardino County had a record workforce of 1.02 million in November – that’s a tally of residents who are employed plus those seeking a job.
This measure of labor supply topped the old peak of 1.017 million set in February 2022. It’s also up 6,317 in 12 months, or a 0.6% increase.
Economic logic suggests that more jobseekers can be a sign of economic optimism. Or it could partly signal people are looking for work because of the rising cost of living.
Either way, the extra jobseekers are a boost to the many local bosses who have faced a labor shortage since the coronavirus upended the economy.
Yes, all these data swings mean the local unemployment rate is on the rise. It was 5% in November vs. 4% 12 months earlier. But joblessness is well below the 7.3% average since 1990.
By the way, San Bernardino County unemployment since 1990 has swung from a high of 14.5% in July 2010 to a low of 3.4% in May 2019.
