Economic Update for the North/Far North region
Economic analysis by the North/Far North Centers of Excellence shows the region, like much of the nation, is experiencing historically low unemployment.
Despite concerns about a recession, regional data does not yet show signs of a cooling labor market or layoffs.
Unemployment in the North (Greater Sacramento) subregion and Far North subregion is relatively low, at 3% and 3.5%, respectively.
Additionally, a quarterly analysis of online job postings shows that job ads have risen above pre-pandemic levels, in some cases 20%-50% higher.
Most sectors in the North/Far North have recovered from job losses experienced during the pandemic, although some have not experienced significant growth, such as retail, government, and health care.
Meanwhile, the post-pandemic labor force recovery has shown mixed outcomes in the region. In the North (Greater Sacramento) subregion, May’s labor force was 3.3% above January 2018 levels.
However, the Far North has not regained the labor force it lost during the pandemic. In May, the Far North’s labor force was 3.2% lower than January 2018.
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