San Diego 1st YOY Decline of Unemployment in 4 Years!

Inquiring minds are upon San Diego this evening as the county experiences its first year-over-year decline of unemployment in the last four years according to data released today by the state’s Employment Development Department:

The local jobless rate hit 10.2 percent in October, compared to 10.7 percent in September and 10.6 percent in October 2009. It was the first time since December 2006 that the jobless rate in one month was lower than the rate of the same month a year before.

Not exactly a rousing recovery yet it is a definite step in the right direction.

The good news: It was spurred by the hiring of temporary workers, nurses, teachers, scientists, architects and engineers, according to data released today by the state Employment Development Department:

Reaser said the scientific and engineering hiring was particularly important because those are typically well-paying jobs.She added that an upsurge in temporary hiring is usually a prelude to a rebound in permanent hiring.

“Temporary help is what comes back first in every recovery,” said Phil Blair, who heads the local offices of Manpower Inc., one of the world’s largest temporary-help placement centers. “And people are going back to work.”

Click here for the EDD report.

Hopefully this is the beginning of the long road back. It remains to be seen if this will overcome the the wave of Alt-A foreclosures beginning to crash ashore throughout the tonier California areas such as North County and the beach areas.


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