Still Bleeding Jobs

Submitted by Rich Toscano on March 20, 2009 - 3:05pm

February proved to be another brutal month for San Diego's job market, according to the EDD's latest estimates. The region is estimated to have lost 37,900 jobs between February 2008 and February 2009. This is a contraction of 2.9 percent.

Early in the downturn, the losses first showed up in the sectors with the most exposure to the housing bubble: construction, finance, and retail. By now, however, job losses are quite a bit more widespread. This is evident in the following graph, which shows the year-over-year change in employment for the three most bubble-exposed sectors, the remainder of the economy, and all sectors in total:

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Submitted by jpinpb on March 22, 2009 - 9:10am.

I posted this on another thread, but better here:

These are reported numbers. We know that number is higher b/c it doesn't factor in when you can't refile. Although I heard they have extended that to something ridiculous like 36 months. But of course, the longer you are unemployed the harder it is to find a job. Double-edge sword there.

As I stated also, you can't file unemployment if you're a small business owner closing shop, if you are self-employed, if you work under the table, if you are a full-time student working part time and lose your job. I did hear if you were full time, reduced to part time, you can try to get unemployment to help w/the diff. Not 100% sure. Not sure how that'll work w/forced furlough.

Submitted by peterb on March 22, 2009 - 9:29am.

You can go onto the BLS website and see the other ways they calculate unemployment. The number they pump out to the MSM is called the U-3 number. The number that reflects reality is called the U-6 number. The U-6 is listed on their website for all to see who care to go look. I think it's now pushing 15%.

Submitted by jpinpb on March 22, 2009 - 9:38am.

I went to their website. I'm having trouble locating U-6. Do you have a link?

Edit - found it. 14.8


Submitted by jpinpb on March 22, 2009 - 12:39pm.
Submitted by peterb on March 22, 2009 - 1:27pm.

Nice find! This is very good analytical work. I've bookmarked it. Thanks.

Submitted by jpinpb on March 22, 2009 - 2:20pm.

I can't take credit for it. MW emailed me it. Had to share.

Submitted by worm on March 23, 2009 - 8:43am.

DrHousingbubble on his website this weekend had California unemployment using u-6 at 19-20 percent. Nationally around 14-15.

Those figure will do wonder to people trying to sell their house this year as they get worse.

Carmel Valley. Get ready for option recast this fall. Your house could be next to fall 30-40 percent over the next few years.

Submitted by peterb on March 24, 2009 - 9:40am.

We'll see the more expensive zip codes get hit as unemployment reaches out and touches higher income people. At 20% unemployment, it's gotta reach a few pretty quickly.

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