Candidate Market Shrinking

With Sacramento teachers and students going back to school, the region’s unemployment rate dropped from 6.9 in August to 6.6 percent in September, the lowest rate all year according to the Sacramento Business Journal. In fact, the last time Sacramento, the four-county region had an unemployment rate at, or below the current 6.6 percent was in the month end of May 2008.

The gains were also due to the area’s financial activities sector including banks and insurance companies that are finally turning the corner on the recession. That industry grew significantly, by 600 jobs in September to about 50,000 total jobs. Historically, financial activities fall by about 400 jobs this time of year.

There are effects of this type of overall job growth, though. The candidate market is shrinking, with the increase in jobs. Many of the former unemployed are back in school, as well. If there was ever a time for hiring and planning, it’s now!

The notable lowering unemployment rate is tempered by the fact that Sacramento only added 100 jobs last month, with some heavy regional job losses in the leisure and hospitality sector, which decreased by 3,700 jobs. The manufacturing sector, which led job gains in August by adding 900 job placements, mostly in the food production industry, has added 1,100 jobs since September of last year, but reversed course in September with a loss of 500 jobs.

The Sacramento region has a total of 893,500 total jobs. The last 12 months have seen a net gain of 18,300 jobs. Year-over-year gains were led by educational and health services (6,300 jobs), business and professional services (5,800) and construction (2,900 jobs). Three industries saw year-over-year declines: leisure and hospitality (-1,700), information (-400) and other service industry jobs (-400).

Ultimately, there are benefits to a lower unemployment rate: becoming an employee is on the rise!

That is a good outlook for Sacramento!

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