San Bernardino's unemployment rate at an all-time low of 3.4%

Labor force growth remains a bright spot in the latest stats

Update since Friday: Beacon Economics/UCR Center for Economic Forecasting released an excellent report on declining housing affordability in the Inland Empire (see here for summary, link to full discussion here - part of their summer 2022 report on the region); Most likely, I’ll have more to say on this in Friday’s special topics post.

In May 2022, San Bernardino County’s unemployment rate was 3.4%, which is the lowest it has ever been since the series was first recorded in January 1990 (Riverside County is also at 3.4%). Surprisingly, even at this very low number, the unemployment rate in a few counties in Southern California is even lower: 5 other counties are below 3% - see the map below.

Labor force statistics are still a major highlight of the Inland Empire labor market data, and job growth has helped the region reach these historical points. See the chart below for labor force statistics for Orange and San Bernardino County. I chose Orange County as a comparison since it’s the largest of the sub-3% unemployment rate areas of Southern California.

While Orange County’s unemployment rate is undoubtedly impressive, these labor force statistics show that Orange County’s labor force is still below early-2020 levels - compare the teal to the purple lines and you’ll see a clear difference since April 2020.

Orange County has achieved its lower unemployment rate with less job growth than San Bernardino or Riverside – Orange County has put fewer workers back to work than we have. Orange County has gained about 228 thousand jobs since April 2020. San Bernardino County has gained 168 thousand jobs, even though its labor market is about two thirds the size of Orange County’s.