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May 2019 Jobs Report | SD Marketflash

22 jun. 2019

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  • Key Takeaway: San Diego’s unemployment rate fell to 2.8%, tied for the lowest rate since December 1999 and the second lowest on record, going back to 1990. The figure matches the revised May 2018 rate and is down 20 basis points (bps) from April 2019. The San Diego rate was 60 bps below the national figure and 70 bps below the state.
  • The labor force bounces back: The labor force, which includes the number of adults working or actively seeking work, fell in April, but increased by 800 people in May. While marginal, it signals that the low unemployment rate is driven more by people finding jobs than people exiting the labor force altogether.
  • Job growth hits high mark for the year: San Diego employers added 25,600 new jobs year over year in May, a 1.7% increase and new high so far in 2019. This was 20 bps higher than the national job growth rate.
  • Office users drive job growth: Office users added 8,300 jobs year over year (+2.5%), which is about one-third of the total jobs added in May. Finance, insurance and real estate growth was negative and legal services grew by 0.8%, which slowed the overall office growth rate.