The United States Bureau of Labor Statistics has released some positive new numbers for the Sacramento area. Unemployment is down, economic growth is up, and the future is looking bright for the city of Sacramento.
What does this news mean for the city of Sacramento? Let’s take a closer look at the meanings behind these numbers.
Unemployment is Down Across the Region
In December 2014, unemployment in the Sacramento area (including El Dorado County, Placer County, Sacramento County, and Yolo County) was reported to be 6.3% on average. By December 2015, that number had dropped all the way to 5.5%.
That’s a 0.8% drop over one year. Unemployment rates for all across America were also down, although it only dropped from 5.4% to 4.8% – a change of 0.6%.
Numbers of Jobs Are on the Rise
A total of 927,400 jobs were reported in the Sacramento area. Between December 2014 and December 2015, jobs in all but two of those sectors reported a positive growth rate.
The biggest sector for growth was the leisure and hospitality industry, growing to 102,600 jobs in December 2015 (a change of +12.5%).
Mining and logging was the hardest hit industry in the region, dropping by 20% year over year.
Average Hourly Wages Tend to Be Higher in Sacramento
One of the happiest bits of news from the recent BLS report is that average hourly wages tend to be higher in the Sacramento area compared to those same jobs across America.
The average hourly wage in the Sacramento area for selected occupations was $24.99, compared to $22.71 across America.
Certain industries were particularly impressive, including registered nurses (which make $50.67 per hour on average, compared to $33.55 per hour on average across America) and civil engineers ($47.05 in Sacramento compared to $41.89 across America).
The BLS also reported that wages and salaries are on the rise across the Pacific region, and that Sacramento is part of a broad changing trend in the area.
You can view the full report from the Bureau of Labor Statistics here.
Local Economic Officials Welcome the News
As The Sacramento Bee reports, local economists say the numbers are part of America’s broad overall recovery. The fears of a recession are down across America, and the country’s economic expansion (which was observed beginning in summer of 2009), continues to move forward.
One of the biggest changes in the current economic expansion is worker wages: in the early 2000s, America faced what was called a “jobless recovery”, which meant that the economy was growing without adding many jobs, leading to relatively flat wages across the industries.
As a result, many average folks said they didn’t feel the effects of the recovery.
That’s beginning to change: wages are on the rise, and we saw that in the latest BLS news from January, with average hourly earnings up across not just Sacramento, but all of America.
Ready to Move to Sacramento for Work?
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