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CALIFORNIA UNEMPLOYMENT HITS ANOTHER RECORD LOW

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Job Growth, Labor Force Continue Expansion; Annual Labor Force Growth Still In Negative Territory

November 15, 2019—LOS ANGELES, CALIFORNIA—The latest figures released by the California EDD reveal that nonfarm employment in California expanded at a steady pace in October, growing by 23,600 jobs, according to an analysis released jointly by Beacon Economics and the UC Riverside School of Business Center for Economic Forecasting and Development. October’s gains are slightly below the state’s average monthly job expansion of 25,677 over the past twelve months. Since October 2018, California has added 308,000 jobs, which is equivalent to a 1.8% year-over-year increase, exceeding the nation’s growth rate of 1.4%.

California’s unemployment rate dipped to 3.9% in October, which represents a new record low. Still, declining labor force growth is a cause for concern. While the state’s labor force expanded for a second straight month, growing by 40,800 workers, since October 2018, California’s labor force has decreased by 0.3% or -57,400 workers. 

“At 3.9%, California’s unemployment rate has dipped below 4% for the first time on record,” said Taner Osman, Research Manager at Beacon Economics and the UCR Center. “October’s figures also extend the record highs in the number of jobs in the state and reveal that employers in California have added over 300,000 jobs this year, a pace that exceeds the rate of growth in the national economy.”   

Key Findings:

  • Government added more jobs than any other sector in October, boosting payrolls by 5,400 positions. State Government was the largest contributor to these gains, where 5,600 positions were added over the month. Since October 2018, Government payrolls have expanded by 1.4%, with State Government leading the way (2.8%), followed by Local Government (1.1%) and the Federal Government (0.8%).
  • The Health Care and Leisure and Hospitality sectors also saw strong employment growth in October, adding 4,800 and 4,600 jobs, respectively. The Finance and Insurance (2,800), Real Estate (2,500), Manufacturing (2,300), Wholesale Trade (2,200), and Construction (2,100) sectors also posted gains in October. 
  • Over the period from October 2018 to October 2019, Construction has been the fastest growing industry, where employment has grown by 4.0%. Strong growth has also occurred in Educational Services (3.5%), Health Care (3.3%), Real Estate (2.6%) and Leisure and Hospitality (2.5%). 
  • Despite job growth in the state, payrolls decreased in a handful of sectors in October. Administrative Support posted the largest declines, where payrolls shrunk by 3,300. Despite the one-month decline, employment in the sector has grown by 2.4% since October 2018. Payrolls in Professional, Scientific, and Technical Services (-2,900) and Information (-1,800) also contracted in October. The Retail Trade sector is the only sector to have declined since October 2018, shrinking by 0.3% jobs from October 2018 to October 2019.
  • Regionally, job growth was led by the San Francisco Bay Area. The East Bay saw the biggest gains, where payrolls grew by 2,900 during the month. San Francisco (MD) (2,800), Vallejo (700), and San Jose (500) also saw job gains. Over the past year, San Francisco (MD) (3.5%) saw the fastest job growth in the region, followed by San Jose (3.0%), San Rafael (MD) (2.8%), and the East Bay (2.2%).
  • In Southern California, it was a mixed month. Ventura saw the biggest job gains, where payrolls increased by 1,200. Gains also occurred in El Centro (200) and San Diego (200). At the same time, payrolls declined by 3,400 in the Inland Empire. Over the past year, the Inland Empire (2.0%) and San Diego (2.05%) have experienced the fastest rate of job growth, followed by Los Angeles (MD) (1.3%) and Orange County (1.2%). 
  • In the Central Valley, Modesto saw the biggest gains, where payrolls increased by 1,200 positions. Fresno (700), Merced (700), Stockton (700), and Visalia (500) added jobs as well. Over the past 12 months, Merced (4.1%) saw the fastest growth, followed by Fresno (3.0%), Visalia (2.8%), and Madera (2.6%).
  • In the Central Coast, San Luis Obispo led the way, where payrolls grew by 800 jobs over the month. In Salinas, 500 positions were added to local payrolls. Over the period from October 2018 to October 2019, Salinas (2.9%) added jobs at the fastest rate, followed by San Luis Obispo (1.9%), Santa Barbara (1.7%), and Santa Cruz (1.3%).

 

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Beacon Economics is an independent economic research and consulting firm based in Los Angeles. The UCR School of Business Center for Economic Forecasting and Development is the first world class university forecasting center in the Inland Empire. This analysis was authored by Christopher Thornberg, Taner Osman, and Brian Vanderplas. Learn more at www.beaconecon.com and www.ucreconomicforecast.org.

 

The Inland Empire Business Journal (IEBJ) is the official business news publication of Southern California’s Inland Empire region - covering San Bernardino & Riverside Counties.

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By Press Release

Asurion Tech Repair & Solutions™ Opens in Redlands 

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Asurion® Repair Experts Provide Fast Fixes on Phones, Tablets, Laptops, and More

A new electronics repair shop, Asurion Tech Repair & Solutions™, has opened in Redlands at 9980 Alabama St. The store offers professional fixes for most consumer electronics, from smartphones, tablets, and computers to game consoles, smart speakers, drones, and more.

While common repairs include cracked screens, battery issues, and water damage, the company’s repair experts have fixed millions of devices and can help with most any tech mishap, and many basic repairs can be completed in 45 minutes or less.

“I’m looking forward to the opportunity to introduce Asurion Tech Repair & Solutions to Redlands as we continue to serve this region,” said Damon Madison, Asurion Tech Repair & Solutions District Manager. “Our team prioritizes customer satisfaction above all else. By offering free diagnostics on all device issues, matching competitors’ prices, and guaranteeing fast-turnarounds on device repairs, we’re dedicated to making our customers’ experience affordable and convenient.”

The store’s expert repair technicians fix all kinds of technology, regardless of make or model, and the store is an authorized repair provider for Samsung Galaxy and Google Pixel smartphones. Customers can book a repair appointment online or stop by the store for walk-in service. The store offers free, no-obligation diagnostics on all gadgets, as well as a 1-year limited warranty on all repairs. It even offers a price match guarantee on any local competitor’s regularly published price for the same repair.

The new Asurion Tech Repair & Solutions store brings the company’s retail footprint to more than 750 locations across the U.S. Formerly known as uBreakiFix®, all U.S. locations will rebrand as Asurion Tech Repair & Solutions throughout 2022.

“We are excited to serve people in Redlands with fast and affordable tech repair,” said Dave Barbuto, CEO of Asurion Tech Repair & Solutions. “We all rely on our phones and laptops more than ever before, and our mission is bigger than repairing shattered screens and broken charge ports. We fix tech because people depend on it to stay connected to things that are important to them. I look forward to serving this community through our new location.”

The new store is located at:

Asurion Tech Repair & Solutions

9980 Alabama St Suite C, Redlands, CA 92374

(909) 801-3008

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By Press Release

New Partnership Announced; Stater Bros. Markets joins Entertainment Giant

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Toyota Arena has announced a new partnership with Stater Bros. Markets effective July 1, 2022.

Guests of the arena will soon be able to experience the new branding of the North Patio, which will include live concerts featuring local bands and up-and-coming professional talent. “We are thrilled to welcome Stater Bros. Markets as a partner to Toyota Arena,” said Michael K. Krouse, President & CEO. “It’s a natural fit – this is our community’s grocery store of choice and the amazing Stater Bros. Charities provides non-profit organizations in our local region with support. We are on board to help as well.”

The marketing amenities this partnership will provide Stater Bros. will include a presence on several assets including the arena’s Interstate 10 marquee, overhead LED scoreboard, television monitors throughout the facility, website, and more. The relationship created through this agreement will also provide benefits for Toyota Arena guests, including new Stater Bros.-inspired food and beverage options.

The benefits to the community will go beyond lifestyle and entertainment, however. Stater Bros. and Toyota Arena recognize the important role they play in the overall development of the City of Ontario. The city’s vigorous commercial and residential growth, and its status as a destination location will result in economic growth, jobs, and a thriving community. The partnership will also open up new opportunities to support the giving efforts of the market’s non-profit charitable arm, Stater Bros. Charities.

“This really is an exciting day for the entire Stater Bros. team. As a company, we work hard to establish great business relationships, and with Toyota Arena, we’ve found an excellent partner,” said Stater Bros. CEO Pete Van Helden. “I look forward to the new opportunities our partnership will bring and its benefits for the City of Ontario and the Inland Empire as a whole.”

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Business

IECE Presents its Inaugural State of Entrepreneur Report on Dec. 9

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The first-ever State of Entrepreneurship Address for the Inland Empire is being held by the Cal State San Bernardino Inland Empire Center for Entrepreneurship on Thursday, Dec. 9, from 5-8 p.m. at 4th Sector Innovations in Ontario. 

IECE’s goal in producing the State of Entrepreneurship research study is to bring the voice of local entrepreneurs to those who need to hear it most – local and state policymakers, community organizations, lenders, and other resource providers. 

The Voice of the Entrepreneur survey, on which the address is based, sends powerful feedback on the challenges that entrepreneurs and business owners of the Inland Southern California region face. 

Survey results were drawn out earlier this year by reaching out to IECE’s extensive network, consisting of more than 10,000 entrepreneurs and business owners representing a diverse group of industries. The IECE will continue to distribute the Voice of the Entrepreneur survey in the spring of each calendar year to find out what Inland Empire entrepreneurs and business owners are going through. 

The report is a potent tool for policymakers, economic impact drivers, and business owners and entrepreneurs to analyze growth potential within the region. Using measurable data, the goal is to identify the challenges and opportunities facing local business owners and obstacles that may be impeding business growth. 

The result is a concise report that gives insight into how we can effectively learn and evolve together with a regional focus. 

The evening will start and end with networking and food; in between, the SOER report will be presented, which includes examining the indicators of entrepreneurial activity and how the IE measures up as a region; learning of the Voice of the Entrepreneur direct survey results and the common themes, as well as an IE Ecosystem assessment; and regional perspectives from influencers that include: 

  • Rod Vandenbos, founder and CEO, buzzbox beverages, Indio; 
  • Mike Napoli, Tech Coast Angels, Palm Springs; 
  • Edward Ornelas, Jr. President, Inland Empire Regional Chamber of Commerce
  • Ana Karina Suchánek, president, Cask Restaurant Group, Inc., Rancho Cucamonga; and 
  • Pepi Jackson, president and CEO, Riverside Black Chamber of Commerce 

Click the following link – Secure Your Spot for the 2021 State of Entrepreneurship Address – to attend, network and learn more about entrepreneurship in the region. Whether you are a seasoned or soon-to-be entrepreneur, there is a perspective for everyone who wants to know more about how to strengthen the Inland Empire economy.

The presentation will unveil breakthrough metrics and perspectives on the State of Entrepreneurship throughout the Inland Empire, including: 

  • Why a report like this is essential for the collective growth of our region; 
  • What the report consists of: indicators for entrepreneurship and what real entrepreneurs in our communities are telling us through our Voice of the Entrepreneur survey results; and
  • Regional perspectives from influencers and officials that are active in our ecosystem. 

The event will also include food and cocktails while networking within an inspirational setting at 4th Sector Innovations Ontario. 

To learn more, visit the IECE State of Entrepreneurship Report website

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