Marin’s unemployment rate remains state’s lowest in November

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Marin County’s unemployment rate was the state’s lowest for the 13th consecutive month in November, continuing its gradual recovery from the economic shutdown from the pandemic nearly two years ago.

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

“For Marin County, it’s pretty much stable as it progresses and a classic recovery,” said Robert Eyler, chief economist at the Marin Economic Forum.

Statewide, the unemployment rate fell to 5.4% and the U.S. rate fell to 4.2% in November.

Marin’s rate is approaching pre-pandemic levels, only about half a percentage point from its November 2019 rate of 2.3%.

The second and third lowest rates in the state were in San Mateo at 3.1% and Santa Clara at 3.2%. Marin is generally among the top three counties with the lowest unemployment rates. The rate is calculated based on residents of Marin, who typically have better-paying jobs that allow them to pay high house prices and have not been as affected by the pandemic.

Compared to the volatility of the job market at the start of the pandemic, Marin has returned to its typical seasonal changes, according to state research data specialist Jorge Villalobos.

“For the most part, everything has gone according to its seasonal pattern,” said Villalobos.

But as the unemployment rate improves, the actual number of jobs in the county is still well below pre-pandemic levels. About 6,100 jobs were created between November 2020 and November 2021. However, this is 6,100 jobs less than in November 2019, with about 3,600, or 59%, of these jobs in retail sectors. , hospitality and other services such as lounges, according to Villalobos.

These industries were hit hardest during the pandemic and it is not known if they will soon return to pre-pandemic levels.

“If house prices continue to stay relatively high, including rents, then some sectors are just going to have a hard time retaining local workers based on wage profiles,” Eyler said. “So we have to expect this to persist, especially in recreation and hospitality, because we just don’t know how many people are going to be coming in from the outside to where you need to rehire at levels of. before the pandemic. “

The same goes for jobs statewide. The governor’s office said California has recovered 1.9 million, or about 70%, of the 2.7 million jobs lost in March and April 2020, or about 70%.

“As the state continues to experience a robust recovery, creating nearly 22% of the country’s jobs in November and the biggest drop in the unemployment rate since February, there is still work to be done to get people back to work and support those hardest hit by the pandemic, ”Governor Gavin Newsom said in a statement.

Economists are monitoring the response to the omicron variant of the coronavirus, which Eyler says could affect the willingness of employers to start hiring and shareholders to keep their shares in a company.

Jobs in local government are also down 10% from around 4.5% in state government, Eyler said. While recessions typically impact government revenues through cuts in property tax, income tax, and sales tax, these factors are not thought to play a role in the decline in government jobs. Instead, Eyler said early employee retirements are believed to be one of the main drivers.

Meanwhile, other industries such as construction, manufacturing, transportation, professional business, accounting and consulting have returned to pre-pandemic levels or exceeded them in some cases, said Robert Eyler, Chief Economist of the Marin Economic Forum.


Unemployment data

Unemployment rate in November 2021:

Marin County: 2.9%
Statewide: 5.4%
we: 4.2%

Corte Madera: 4.3%
Fairfax: 2.4%
Inverness: 4.5%
Larks foot: 2.1%
Mill Valley: 1.8%
Novato: 3%
Point Reyes Station: 0%
San Anselme: 3.6%
San Rafael: 2.6%
Sausalito: 2.3%
Tamalpais farm valley: 2.5%
Tomales: 0%

Source: California Department of Employment Development


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