The fake San Diego (and CA) jobs recovery
San Diego’s economy is rolling along — as county unemployment percentage improves dramatically!
Well, actually — not.
Here’s the story by the numbers:
The county unemployment percentage PLUMMETED in December. It dropped from (the revised) 6.9% unemployed in November to December’s 6.4% — a full half percent drop in only one month!!! Yea. Only 600 net new jobs were created. That’s a pathetic number in an area bigger than the state of Rhode Island — a county of over 3.1 million people. The unemployment percentage drop was almost completely the result of people dropping out of the workforce — 7,800 of the unemployed are no longer seeking employment in December — so they are no longer considered “unemployed.” That number is NOT good. Stated differently — only 7.1% of the improved unemployment percentage was the result of more jobs — 92.9% was the result of people giving up seeking San Diego area employment.BTW, to be defined as “employed,” one has to be working — but not much. Apparently even one hour of… Read More