Region's UI trends are different from rest of nation
New claims for unemployment insurance (“UI”) have been grabbing the attention of economists and markets at the national level, as we try to sort out whether we’re doing well after a rocky January. The latest report, from last Thursday, showed new UI claims were higher than economists expected.
California and, more locally, the Inland Empire, are not following this trend of higher UI claims. In the week that ended on the 16th, the four-week average for San Bernardino County was 2,730 new claims, down 8% from the previous week’s four-week average of 2,955. Riverside County’s numbers were similar.
The chart above shows that the upward jump I documented for this indicator back in January was temporary.
The region’s unemployment rate currently sits at just above 5%, which is about the same as the statewide rate (not seasonally adjusted). For now at least, the Inland Empire’s labor market continues to show strength.