May 23, 2024
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Tri-county unemployment rate drops dramatically in March

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The unemployment rate for the Central Coast fell by nearly half a percent in the month of March, according to the  latest data provided by the California Employment Development Department.

Released on March 21, the unemployment rate of the tri-counties was at 4.56% for the month of March, down from a 5% unemployment rate in the months of February and January.

All three counties on the Central Coast saw their respective unemployment rate’s drop, with Santa Barbara County’s unemployment rate seeing the steepest decline from 5.7% in the month of February to 5.1% in the month of March.

Ventura County had the second highest unemployment rate at 4.6% in the month of March, down from 5.1% in February.

San Luis Obispo’s unemployment rate remained the lowest in the tri-counties during the month of March with a 4% unemployment rate, down from 4.3% in the month of February.

In terms of job growth, the Central Coast also had another solid outing, adding a combined 2,700 non farming jobs in March, down from 3,900 jobs added in the previous month.

The majority of jobs added were in the government sector, as Santa Barbara County added 600 government jobs, Ventura County added 500  and San Luis Obispo County added 400.

As for the state, California’s unemployment rate held steady in the month of March, staying at 5.3% from the previous month.

And after a month of net job losses in February, California added 28,300 nonfarm payroll jobs in the month of March.

Seven of California’s 11 industry sectors gained jobs in March with Private Education & Health Services leading the way adding 13,600 jobs. Construction also bounced back after a weather-related decrease last month with a gain of 4,600 jobs. 

The industry is up 33,900 jobs over the year.

Source: California Employment Development Department 

4.56% – The unemployment rate along the Central Coast in March

+2,700 – net gain of non-farming jobs along the Central Coast in March

5.3% – The unemployment rate for California in March