Avalon’s unemployment rate has been steadily crawling down since the last month of summer.
Not only are the numbers decreasing, but Avalon’s jobless numbers have been consistently better than those of Los Angeles County, the state of California and the nation.
Avalon’s unemployment rate decreased by a tenth-of-a-percent in October, according to data recently released by the California Department of Employment Development’s Labor Market Information Division.
Avalon saw a 2.4 percent unemployment rate last month, according to the state’s latest statistics.
The October jobless numbers would not include the Catalina Island Company layoffs of an estimated 25 that took place earlier in November. (The Employment Development Department currently puts Avalon’s workforce population at 2,100 individuals.)
The September unemployment rate in Avalon was 2.5 percent, a 10th of a percent lower than the August rate, which was 2.6 percent.
Los Angeles county saw a 4.6 percent jobless rate in October 2018, wich was unchanged from a revised 4.6 percent in September. (Before the statistics were revised, the state reported a 4.5 September jobless rate in Los County.)
Statewide, the seasonally adjusted unemployment rate was 4.1 percent in October, the same rate as in September. Nationwide, the jobless rate was 3.7 percent in October and September.
In California, the leisure and hospitality business had the largest year-over job increase—up 24,700, according to the Employment Development Department.
“A majority of the gains were in accommodation and food services (up 14,900), particularly in restaurants (up 11,700),” according to an EDD statement. Data for the Two Harbors resort is not included in the monthly statewide unemployment data.
Remember, according to the Federal Government, all these numbers fall into the normal range. “Many estimates suggest that the long-run normal level of the unemployment rate—the level that the unemployment rate would be expected to converge to in the next 5 to 6 years in the absence of shocks to the economy—is in a range between 4 percent and 5 percent,” according to the US Federal Reserve.
