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County Jobless Rate Stays at 2.1 Percent

Source: smdailyjournal.com | Re-Post MNM Partners, LLC 11/28/2018 – 

After months of stagnant or modest job growth, local experts monitoring San Mateo County’s jobs profile are taking stock of the local economy after a data release Friday showing the state and county’s unemployment rates remained steady at 4.1 percent and 2.1 percent, respectively, in October.

San Mateo County held onto its rank as the county with the lowest unemployment rate in the state, with Marin and San Francisco counties tying each other for a close second, logging 2.3 percent unemployment the same month. State employers added 36,400 nonfarm payroll jobs in October, and California has now gained a total of 3,047,000 jobs since the economic expansion began in February 2010, according to the Employment Development Department, which released the report Friday.

Based on his analysis of the October data, economist Jon Haveman of Marin Economic Consulting found the county posted very little change in information services jobs but solid growth in the professional, science and technology services, two sectors he said largely capture the performance of tech jobs.

Though the some 6 percent increase in the annualized growth in retail services logged in the county last month was surprising to him, Haveman said the 1.3 percent annualized monthly growth in county jobs he observed last month was largely in line with statistics posted for the county in the last six months.

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