Index Buoyed By New Hires, New Jobs Available
The jobs outlook brightened during October in San Diego County, led by new hires and the highest level of new job postings since January 2007. While the national economy was hard hit by the Euro crisis and sluggish growth, San Diego’s job market seems to be optimistic about the future.
"Any news of new jobs is good news," remarked Mark Cafferty, President and CEO of the San Diego Workforce Partnership, "There is often a seasonal increase this time of year, but we are seeing gains that signal optimism above just holiday hires. For those who have been waiting to use their new skills acquired during this recession, now seems to be a better time to ramp up the job search," Cafferty added.
The increase to 86.15 in October from September’s 85.17 (adjusted) was a 1.13% gain. The index is currently up 4.76% over October of 2010. The growth came in spite of a locally flat economy. First-time filers for unemployment were down over 5%, temporary hiring was up, and new hires in education and business services led the increase in new jobs.
The Index is a compilation of a range of economic indicators that provide a month-to-month record of the status of the workforce in San Diego County. A reading of 100 indicates “full employment” where the labor market is in equilibrium. A reading greater than 100 might indicate a shortage of workers or an overheated economy. A reading of less than 100 would indicate a slowdown in the local economy and might reflect a shortage of employment opportunities.
For more information on the Workforce Index please contact Research Director Chuck Flacks chuckflacksworkforce [dot] org.