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Thursday, Jun 13, 2024
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Unemployment Plummets, State at Record Low

Orange County’s unemployment rate plummeted to 2.8% in November as the state reported a record low of 4.6%, according to the state’s Employment Development Department.

The county reported a revised 3.3% in October and 3.7% a year earlier. Orange County’s lowest ever unemployment rate was 2.2% in December of 1999.

The most recent November numbers for the county, state and U.S. aren’t seasonally adjusted.

Nonfarm OC employment grew 10,000 jobs to 1.62 million in November. The largest hike was in the retail trade, which gained 5,500 jobs. Professional and business services gained 2,600, led by administrative and support services, which includes temporary-help firms.

Construction reported the largest decline, 900 jobs to 104,900.

Year-over-year, leisure and hospitality gained the most, 8,400, led primarily by accommodation and food services, up, 6,200. Construction reported an increase of 5,900, up 4.7% to 105,300.

Manufacturing reported the largest year-over-year decline, 3.3%, or 5,100 jobs to 151,800.

The statewide unadjusted unemployment rate of 4.6% was the lowest in a data series dating to 1976. The state reported a 5.3% rate in November of last year.

Employers added 47,400 nonfarm jobs for a total of 16.9 million.

Statewide, nine of 11 industry sectors added jobs month-over-month, led by educational and health services, up 16,700, and followed by leisure and hospitality, up 13,700 jobs.

People receiving unemployment benefits declined 14% in one month to 256,961 compared with 299,272 in October. That was down 28% from the 358,096 reported in November of last year.

The U.S. earlier this month reported a November unemployment rate of 4.1%.

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Peter J. Brennan
Peter J. Brennan
Peter J. Brennan has been a journalist for 40 years. He spent a decade in Latin America covering wars, narcotic traffickers, earthquakes, and business. His resume includes 15 years at Bloomberg News where his headlines and articles sometimes moved the market caps of companies he covered by hundreds of millions of dollars. His articles have been published worldwide, including the New York Times and the Washington Post; he's appeared on CNN, CBC, BBC, and Bloomberg TV. He was awarded a Kiplinger Fellowship at The Ohio State University.
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