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EconoMeter: Do latest job figures mean things are looking up?


Sunday, April 3, 2011

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Kelly Cunningham, National University System
Yes Sort of. While job increases are occurring more recently, the gains are lackluster. Certainly better than continuing to fall, there is little rebound following such deep losses. With three consecutive years of decline, as of 2010, jobs in San Diego total the same number reported in 2001, a lost decade indeed. There are significant differences in composition, however, as thousands of manufacturing, construction, information, retail, finance, and real estate jobs disappeared, replaced by health care, hotel, restaurant, some tech, and government positions. Unemployment rates will ease somewhat in 2011 but are likely to remain elevated for much of the year.