Friday, December 19, 2008

Unemployment Friday

The latest numbers from EDD are out today. They are predictably dismal.

Seasonally adjusted non-farm payrolls decline 42,000 statewide in one month, led by a much smaller than usual holiday, retail hiring surge. Losses are also seen further back up the supply chain, and that hurts places like Stockton, a metro area that is seeing recent good news in the transportation sector evaporate quickly in a broader recession.

In the Bay Area, Silicon Valley is starting to slide, job losses are hitting in computer manufacturing and related tech fields. This is the beginning of a trend we see continuing through 2009. San Jose dodged the worst of the housing recession, but the 2nd half of the recession will definitely be felt.

The Sacramento area posts another weak report. Like everywhere, retail is weaker than expected, construction continues to decline, as is leisure/hospitality. This metro includes Lake Tahoe, and we should be seeing seasonal growth in hospitality. This is the number to watch for next months, December report. Sacramento also posted a big decline in professional and business services, with a significant part of the decline showing up in the higher end professional fields, rather than declines in clerical/temp type positions. If this becomes a trend, that is bad news. Of course, everyone is watching the state budget standoff. We have not seen large scale govt job losses yet, and may not see them if furloughs (temporary pay cuts) are widespread. Thus, the job losses may be limited but the income effects and agency budget cuts will have significant ripple effects through the capital region's private sector.

Still looking for good news in these reports, but haven't found any yet (unless, not being any worse than we expected counts as good news these days).

1 comment:

  1. ¡Espero realmente sea tan buena como muchos profesan!
    Lo difícil es encontrar una buena página que nos ayude a administrar nuestro dinero, o tan siquiera que nos asesoren con temas legales con nuestras empresas (de tener una claro). Nos topamos con miles de páginas y nunca sabemos que tan confiables son hasta que nos suceden cosas, buenas o malas.
    Por suerte, conseguí una página muy buena que me ha dejado bastante satisfecho con sus servicios, pues no terminé estrellándome por confiar en ellos. Esta página se llama, y se encargan de ayudarte a: proteger sus bienes y activos; desarrollar comercio internacional en el cual brindar servicios profesionales a nivel internacional; empezar un negocio en línea; obtener tasas de interés más altas en relación a las ofrecidas en su propia jurisdicción de residencia, etc. ¡Espero que sea bastante útil mi aporte!