57.1 F
San Diego
Tuesday, Apr 23, 2024
-Advertisement-

Construction Sites Go Quiet, Jobless Rate Reaches 5.5 Percent

San Diego’s unemployment rate jumped to 5.5 percent in May, up from 5.1 percent in April and well above the year-ago jobless rate of 4.1 percent, according to the state Employment Development Department’s June 20 report.

The local rate is above that of the nation at 5.2 percent, but below California’s rate of 6.5 percent for the same month.

Unemployment was close to a five-year high, set in June 2003 when it was 5.7 percent.

About 6,500 more people became unemployed in May, while the overall civilian labor force grew by 7,300 people, causing the rate to rise, says Barbara Ruehl, an EDD spokeswoman.

For the 12 months ended in May, the San Diego region lost a net of 3,200 jobs, a decline of 0.2 percent. Two segments showing the largest losses are construction, which shed 8,900 jobs, and financial activities, which lost 5,400 jobs, with 56 percent of those occurring in finance and insurance, according to the report.

From April, the region actually had a gain of 3,100 jobs, but because of the larger work force and more people being out of work, the unemployment rate increased.

As usual, for the past several years, the industry that is the biggest contributor to the monthly net job gains was leisure and hospitality, which reported an increase of 2,800 jobs. These were nearly evenly split between hotels and restaurants, and a segment called arts, entertainment and recreation, mainly involving amusement parks such as SeaWorld.

, Mike Allen

-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-
-Advertisement-