October Employment

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Employment is on the rise in San Diego, although the housing boom beneficiary sectors are starting to show a little wear and tear.

The number of people employed in the construction and financial activity sectors (the latter of which includes real estate) dropped from last October, by 1.5 percent and .2 percent respectively, and the number of retail jobs stands exactly where it did a year ago. Outside of those sectors, employment grew by a healthy 1.9 percent.

Overall employment increased by 1.3 percent, which represents an addition of 17,100 jobs to the local economy in the past year.

Many month-to-month changes represent seasonal influences, the most obvious example being the spike in retail employment (the black line) heading into the holidays. But the recent drop in construction employment (the blue line) is not a typical seasonal pattern, which suggests that the building frenzy is finally winding down.