County Jobless Rate Climbs Slightly in January
Orange County’s job market remained unusually tight in January with an unemployment rate of 2.9%, up slightly from an all-time low of 2.5% for December.
The January rate reported by the state Employment Development Department is the second-lowest in the 13 years the state has kept monthly records for Orange County.
The county’s jobless rate was the third-lowest in the state in January, trailing Alpine County’s 2.5% and San Mateo County’s 2.8%
The seasonally adjusted rate for California was 5.1% and the national unemployment rate was 5.8%. Both rates were at or near historic lows.
The county figure is not seasonally adjusted, and much of the increase in unemployment was concentrated in retail trade and services that are most affected by the holiday season.
‘Gives More Credence’
State labor analyst Dan Johnson said January’s low jobless count “gives more credence” to the previous month’s figure because the increase in unemployment is “about what is expected at this time of the year.”
Despite earlier predictions that the Oct. 19 stock market crash would wreak havoc in financial services employment, the January figures show that sector of the local economy posting one of the strongest gains of the month.
Johnson said employment gains were recorded “across the board” by banks, mortgage brokerages, insurance companies, stock brokerages and other businesses within the finance, insurance and real estate sector. Total wage and salary employment increased by 5,800 positions to 90,200 jobs for the month, compared to 84,400 in December.
The construction industry also posted a sizable gain in January, up 3,800 jobs to 61,800 positions compared to 58,000 in December.
In retail trade, 13,400 jobs were eliminated for a January total of 213,100 positions. Retailers traditionally lay off in January most of the part-time and seasonal help they hire in October, November and December to help them through the Christmas shopping period.
The services sector--which includes the hotel, restaurant, amusement park and personal services industries--lopped off 11,800 jobs in January, down to 264,400 positions in the county.
