California lost 15,800 nonfarm jobs in October

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The crumbling lodging marketplace took a toll on Golden State employment in October, and predictors state more than hurting is likely in the calendar months ahead.

The state lost 15,800 occupations outside the farm sector during the calendar month after smoothing out the Numbers for seasonal variations, the Employment Development Department reported Friday. Construction and finance, the two sectors most closely tied to housing, led the manner down.

Over the twelvemonth ending in October, nonfarm occupations increased 0.7 percent, a weak growing rate.

Without seasonal adjustments, Golden State added 38,200 occupations in October, owed largely to instructors returning to classrooms. California's unemployment charge per unit held steady at 5.6 percent, but that was largely because 68,000 people left the work military unit in October.

The radioactive dust from lodging is beginning to distribute to other sectors, as householders facing less place values fasten their belts. Every industry class cast occupations in October except professional and concern services, and instruction and wellness services.

"Job losings in building and fiscal activities are intensifying," said Esmael Adibi, manager of the Sherwood Anderson Center for Economic Research at John Chapman University in Orange. "The rippling consequence of these two sectors is showing up in every sector."

California looks to be headed for a recession, defined as two sequent living quarters of occupation losses, Adibi said.

The Bay Area occupation marketplace held up better in October than that of the state as a whole. The country hasn't suffered as terrible a lodging slack as much of the remainder of the state, and its cardinal economical sectors such as as engineering and touristry are thriving.

On an unadjusted basis, all three of the region's major metropolitan countries - San Francisco, Oakland and San Jose - added occupations at a faster gait than the remainder of California. And idle rates were less than that for the state.

The San Francisco metropolitan area, which includes San Mateo and Marin counties, had a idle charge per unit of 4.1 percentage in October, down from 4.2 percentage in September but above the 3.5 percentage degree of a twelvemonth ago.

Oakland, which includes Alameda and Contra Costa counties, was unchanged at 4.9 percent, but above the 4 percentage registered in October 2006. San Jose, which includes Santa Clara and San Benito counties, also stood at 4.9 percent, down from 5 percentage in September, but above 4.1 percentage the twelvemonth before.

Bay Area recruiters state plenty of professional occupations can be establish in the region.

"I still see a batch of center direction positions," said Sonja Hastings, laminitis of Optimal Gross Sales Search, an Oakland house that recruits mid- and senior-level sales professionals. "The marketplace is actually pretty stable."

Hastings have noticed one consequence of the lodging slump, though - a rush of applications from out-of-work mortgage professionals.

"We're getting flooded with those sketches these days," she said. "Every twenty-four hours we acquire 20. We couldn't happen those people in 2001 and 2002, but they're everywhere now."

October employment

Region

Jobless
rate

Job growth{+2}

San Francisco{+1}

4.1%

1.5%

Oakland{+1}

4.9

0.8

San Jose{+1}

4.9

1.2

California

5.6

0.7

{+1}Metro area

{+2}12-month nonfarm occupation growth

Source: Golden State Employment Development Department

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