San Diego's overall trend matches what's happening nationwide with wage gains slowing and jobless claims increasing
After the job losses caused by the COVID-19 pandemic, San Diego experienced a very tight labor market. As of this summer, that seems to be changing., from 3.5 percent in May. In July, it stayed almost unchanged, at 3.9 percent. In August, the most recent available figure, it rose to 4.3 percent, state labor officials said.
When adjusting for seasonal swings, the local rate was closer to 3.9 percent, said Daniel Enemark, chief economist at the San Diego Regional Policy & Innovation Center.San Diego’s overall trend matches what’s happening nationwide. According to Reuters, the U.S. unemployment rate in August rose to 3.8 percent and wage gains slowed, “suggesting that labor market conditions were easing.
Here’s one more piece of context: August’s local unemployment rate is the highest since February 2022. In September, the Federal Reserve left its benchmark interest rate unchanged — for the second time this year. “We’re fairly close, we think, to where we need to get,” Chair Jerome Powell said. “A soft landing is a primary objective. ... That’s what we’ve been trying to achieve all this time.”The May unemployment rate of 3.
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