Published: Wednesday, September 16, 2009
Snohomish County jobless rate holds steady
Economists still aren’t seeing any sustained job growth in the county
EVERETT — Snohomish County’s unemployment rate was unchanged in August, despite the loss of 400 aerospace industry jobs.
“Things did level out a little bit,” said Donna Thompson, the local labor economist for the state Employment Security Department. “It could be worse.”
Employment Security reported Tuesday that the county’s jobless rate remained at 9.6 percent. Statewide, unemployment rose three-tenths of a percentage point to 9.2 percent last month, up from 8.9 percent in July.
While economists were still pleased to see the jobless rate remain in single digits, they were cautious about being too optimistic.
“It’s too early to say the recession is over,” department economist Dave Wallace said in a conference call. “What we hope to see is some sustained job growth before we can make any comment on that.”
Thompson noted that Microsoft Corp. and the Boeing Co. still are following through with announced layoffs. Before things improve, several things have to happen, she said.
“What I have been tracking are the two areas that are crucial to the this county’s economy: what’s happening with housing and with Boeing,” she said.
Home sales rose in August, but Thompson said she wasn’t sure how much of the increase was do to great deals on foreclosures and bank-owned properties and how much was an improvement in the economy.
She noted that Boeing and other aerospace companies dropped 400 workers in August and continue to add warning notices to workers each month.
“What I’m waiting to see is a successful test flight of the 787, an awarding of the Air Force tanker contract and a decision on a second 787 assembly line here,” she said.
All of those events will have a major effect on local employment, she said.
In addition to job losses in aerospace, the county also saw cutbacks in trade, transportation and utilities; retail trade; and government.
Adding jobs were health care, hotels and restaurants, and professional and business services.
While the county is still losing jobs, the number of new people seeking jobless benefits dropped again in August. After peaking at 10,501 in December, the number of initial benefits claims fell to 5,911 in August.
Continued claims also fell. In June, 21,720 people were receiving benefits. In August, the number was 20,321.
“Things did level out a little bit,” said Donna Thompson, the local labor economist for the state Employment Security Department. “It could be worse.”
Employment Security reported Tuesday that the county’s jobless rate remained at 9.6 percent. Statewide, unemployment rose three-tenths of a percentage point to 9.2 percent last month, up from 8.9 percent in July.
While economists were still pleased to see the jobless rate remain in single digits, they were cautious about being too optimistic.
“It’s too early to say the recession is over,” department economist Dave Wallace said in a conference call. “What we hope to see is some sustained job growth before we can make any comment on that.”
Thompson noted that Microsoft Corp. and the Boeing Co. still are following through with announced layoffs. Before things improve, several things have to happen, she said.
“What I have been tracking are the two areas that are crucial to the this county’s economy: what’s happening with housing and with Boeing,” she said.
Home sales rose in August, but Thompson said she wasn’t sure how much of the increase was do to great deals on foreclosures and bank-owned properties and how much was an improvement in the economy.
She noted that Boeing and other aerospace companies dropped 400 workers in August and continue to add warning notices to workers each month.
“What I’m waiting to see is a successful test flight of the 787, an awarding of the Air Force tanker contract and a decision on a second 787 assembly line here,” she said.
All of those events will have a major effect on local employment, she said.
In addition to job losses in aerospace, the county also saw cutbacks in trade, transportation and utilities; retail trade; and government.
Adding jobs were health care, hotels and restaurants, and professional and business services.
While the county is still losing jobs, the number of new people seeking jobless benefits dropped again in August. After peaking at 10,501 in December, the number of initial benefits claims fell to 5,911 in August.
Continued claims also fell. In June, 21,720 people were receiving benefits. In August, the number was 20,321.
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