San Diego Has Recorded Four Straight Months of Declining Jobless Claims
By Joshua Ohl CoStar Analytics
October 19, 2020 | 12:50 P.M.
San Diego’s unemployment rate continued moving in the right direction in September, falling to 9% from an adjusted 9.5%. Jobless claims fell for the fourth straight month.
But the dislocation that accompanied the pandemic continues to weigh on the commercial property market. While the leisure and hospitality sector added 2,500 to payrolls in September, with accommodation and food services growing by 3,200, it was still down more than 52,000 jobs compared with last year.
Retailers continue to be burdened by county and state mandates and social distancing protocols, which has led to a drop in leasing volume and falling absorption since the shutdown orders in March.
In September, the government led all job sectors with 6,800 added to payrolls. Local government drove those gains with 5,600 hires, and local government education services propped up that growth adding 5,300 to payrolls after schools opened across the county.
The construction industry led all sectors in job losses, shedding 1,400 from payrolls in September. That was followed by losses in manufacturing, down 900 and financial activities, down 200.
But the wider view still shows that San Diego was down nearly 120,000 nonfarm jobs compared to 12 months earlier. The pandemic has rippled across the region, and industries reliant on tourism such as leisure and hospitality and retail trade have been especially hard hit. Many furloughs and temporary layoffs have been extended to permanent layoffs.
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