How timely that with the launch of this site, the state’s Employment Development Department released its latest jobs figures for July and SLO is punching above it’s weight! We lost about 100 jobs from June’s all-time high level, but we are running at a 2.4% annualized clip nonetheless. 2,800 more jobs than we had at the same point in 2016. Not too shabby!
That despite the fact that unemployment is half-a-percent below where it was last July, and that it is well below the state or national average.
Not only is that well ahead of Santa Barbara or Monterey, which are growing by less than 1% apiece, but it is faster than growth in San Francisco, San Jose, San Diego, Los Angeles, Orange County, or Sacramento. Like I said, punching above our weight.
Biggest sources of growth were from Tourism (#1), Construction et. al (#2), and Nondurables Manufacturing (#3), ahem, wine, ahem… So far so good, and probably better than can be expected given that the labor market is getting pretty tight. Here’s hoping that gives way to some real wage increases, which might help with ever-dwindling affordability!