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San Diego County's unemployment rate rose to 8.8% in February, up from a revised 8.7% in January and up sharply from 5% a year ago. California's unadjusted rate is 10.9% and the nation's 8.9%. San Diego has had a higher rate than the nation for some time. Later figures may show if this month was a statistical aberration. The county lost 2,700 jobs from January. However, government added 1,400 jobs in the month. Almost all (1,300) were local government, mostly job additions in public schools. The county lost 37,900 jobs over 12 months, a 2.9% decline. Construction jobs dropped 12.9%.

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Comments

SurfPuppy619 March 20, 2009 @ 10:47 a.m.

That's peanuts compared to the 22%+ in Detroit.

Has anyone ever seen an unemployment rate this high in a major metro area in their lifetimes????

I haven't.

Detroit’s unemployment rate jumps to 22.2% in January

By JOHN GALLAGHER • FREE PRESS BUSINESS WRITER • March 19, 2009

The unemployment rate in the city of Detroit hit 22.2% during January, the highest rate in 26 years.

January’s rate marked a sharp jump from the city’s December rate of 18.6%. As reported earlier this month, the state of Michigan’s unemployment rate for January was 11.6%.

http://freep.com/article/20090319/NEWS01/90319093/Detroit+s+unemployment+rate+jumps+to+22.2+

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Don Bauder March 20, 2009 @ 1:20 p.m.

Response to post #1: Wow -- 22 percent is amazing for a major metro area. What's frightening is that other industries -- particularly durable goods -- are contracting alarmingly in other areas of the country. What is more worrisome is that these unemployment numbers are slanted to the optimistic side. Like inflation numbers, they are manipulated by government. Best, Don Bauder

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SurfPuppy619 March 20, 2009 @ 4:59 p.m.

Remember, the highest unemployment rate during the Great Depression was 25% in 1933.

Detroit is just a step behind that %. Scary.

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Don Bauder March 20, 2009 @ 6:43 p.m.

Response to post #3: That 25 percent unemployment during the Depression was the first thing that occurred to me, too. Best, Don Bauder

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Ponzi March 25, 2009 @ 7:15 a.m.

According to this story:

California's unemployment rate will soar to between 12 percent and 15 percent by next spring and remain in the double digits until at least the beginning of 2012, according to forecasts released by two teams of University of California economists.

http://www3.signonsandiego.com/stories/2009/mar/25/1n25econ01129-states-jobless-rate-forecast-pass-12/?zIndex=72231

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Don Bauder March 25, 2009 @ 9:29 a.m.

Response to post #5: I haven't seen the article yet, but I appreciate your sending it. Unemployment as conventionally measured between 12 and 15 percent sounds high. Best, Don Bauder

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Ponzi March 25, 2009 @ 2:43 p.m.

International Business Machines Corp., the world’s biggest computer-services provider, will cut about 5,000 jobs today and tomorrow, according to a person familiar with the matter.

The Wall Street Journal reported today that the company is moving some work to India. IBM, based in Armonk, New York, has bolstered its workforce in Brazil, Russia, India and China since 2007.

These are not the usual "manufacturing" jobs we usually here of being exported, but good service jobs. Now IBM admits to firing in America and replacing most of these jobs in India.

I have a feeling that many of the jobs being shed in America recently will no be "returning" but will be restructured and be later filled in and replaced that same way IBM is doing. This goes for finance, pharma, and more manufacturing.

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Don Bauder March 25, 2009 @ 10:24 p.m.

Response to post #7: You are correct. We are not only losing manufacturing jobs. We are losing service jobs. In San Diego, biotech research jobs are going to India, e.g. Best, Don Bauder

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valueinvestingisdead March 31, 2009 @ 1:32 p.m.

Reply to #8

What is going to fuel San Diego's Job Growth?

Biotech? Sorry, going to India where they can hire Scientists can be had for $12-15,000 a year.

Defense? Sorry, Obama is slashing the budget..layoffs galore here.

Real Estate? Are you kidding? It will be in a Depression for years.

Finance? Not likely. Nicholas Applegate left town, Scudder closed operations and TD Ameritrade has been slashing staff. Brandes is left but with their 75% losses, job openings seem doubtful.

Qualcomm? Hiring Freeze. Once again, most new employees eat Curry, not McDonald's.

Tourism? Companies are cutting back on conventions. See Las Vegas. Ask your local RE owner how his vacation rental is doing here? It is empty.

Relocating companies? Doubtful given the horrible tax and regulation culture in CA.

Cruise Ships? San Diego just lost a big contract here.

Sad, but San Diego is in trouble. Houses could come down another 30-50% based on incomes. Even with the declines of late, only about 17-18% of people can afford homes.

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Don Bauder April 1, 2009 @ 7:22 a.m.

Response to post #9: You are right to be concerned about each one of these troubled industries. I doubt housing values will drop 50 percent from here. But I can see another 10 percent or so. Best, Don Bauder

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