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Thursday, January 20, 2022

Marin Unemployment Remains Lowest In State In November

Marin County’s unemployment rate was the lowest in the state for 13 straight months in November, continuing a gradual recovery after the pandemic stalled almost two years ago.

The county’s unemployment rate was 2.9%, up from 3.4% in October, according to data released Friday by the California Department of Employment Development.

“For Marin County, this is a fairly stable period and a classic recovery,” said Robert Euler, chief economist at the Marin Economic Forum.

Statewide, the unemployment rate fell to 5.4%, while the US unemployment rate fell to 4.2% in November.

Marine’s rate is approaching pre-pandemic levels, just half a percent below its 2.3% rate in November 2019.

The second and third places in the state were in San Mateo – 3.1% and Santa Clara – 3.2%. Marin is usually among the top three counties with the lowest unemployment rates. The rate is calculated based on Marina residents who generally have better paying jobs that allow them to afford high housing prices and who have not been affected by the pandemic.

Compared to the labor market volatility at the start of the pandemic, Marin is returning to his typical seasonal changes, according to government research data scientist Jorge Villalobos.

“For the most part, it was on a seasonal schedule,” Villalobos said.

But while the unemployment rate is improving, the actual number of jobs in the district is still well below the level that existed before the pandemic. About 6,100 jobs were created between November 2020 and November 2021. However, this is 6,100 fewer jobs than existed in November 2019, with about 3,600, or 59%, of these jobs in retail, hospitality and other service sectors such as salons, according to data from Villalobos.

These industries were hit hardest during the pandemic and it is unclear if they will return to pre-pandemic levels anytime soon.

“If house prices, including rents, continue to be relatively high, then some sectors will simply struggle to retain local workers based on wage profiles,” Euler said. “So we should expect this to continue, especially in the leisure and hospitality industry, because we just don’t know how many people will come from outside where you need to re-hire to pre-pandemic levels.”

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The same goes for jobs across the state. The governor’s office said that 1.9 million jobs were restored in California, or about 70%, of the 2.7 million jobs lost in March and April 2020, or about 70%.

World Nation News Deskhttps://www.worldnationnews.com
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