Employment Hits Record Levels

In yet another sign of a robust economy, Ventura County employment reached record levels last month and its jobless rate plummeted to the lowest point since 1990, the state reported Friday.

The county’s 4.8% jobless rate for March was far lower than the state’s 6.0% rate and slightly below the national rate of 5% for the month, according to the Employment Development Department.

And it represents a significant drop from the county’s 6.0% rate in February.

“It’s the lowest rate we’ve had in quite some time,” department labor market analyst Dee Johnson said. “Before the recession in the 1980s, we had rates of 4.5%, 4.0%, even 3.9%. But this is the lowest since [March 1990].”

Total jobs in the county jumped by 4,600 to a record 269,500 from February to March, mainly due to an increase of 2,500 farm positions following El Nino-driven rains.

Nonfarm jobs also increased from the previous month in every major category except mining.

In the critical year-to-year comparison--considered by analysts to be a more accurate barometer of the economy--the county gained 7,600 jobs, from 261,900 to 269,500.

Despite the 13% hike in farm jobs from February to March, agricultural job levels stayed the same from March 1997 to last month.

Year-to-year increases came in the nonfarm employment category, which analysts consider to be the most significant gauge of economic progress.

“It sounds very good across the board, a very positive report,” said UC Santa Barbara economist Mark Schniepp, who tracks county employment. “That’s one of the lowest unemployment rates ever in Ventura County. Certainly, it’s the highest number of jobs we’ve ever had there.”

Service industries accounted for the largest number of new jobs over the year, rising 4.5%, or 3,200, to 74,400. Between February and March alone, the county had an increase of 700 service jobs--the largest of any category.

The manufacturing sector also saw an increase in jobs over the year, gaining 6.6%, or 2,100, to 34,000. Many of the jobs--1,900--were in the manufacturing of durable goods. Manufacturing jobs increased by 100 during the month.

The finance, insurance and real estate sectors added 2,100 jobs over the year--a 17.4% gain. The month-to-month increase was 200 during the month.

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Ventura County Jobless Rate

March 1998: 4.8%

Source: California Employment Development department