July’s economic indicators good for Snohomish County

By Dan Catchpole

EVERETT — Economic indicators for Snohomish County in July were good.

The unemployment rate is lower than it was last year, but growth has been slowing down for several months, according to numbers released Thursday by the state’s Employment Security Department.

The non-seasonally adjusted unemployment rate for July 2014 was 5.3 percent, down from 6 percent for the same time period the previous year.

That change came despite an increase in the county’s labor force.

There were about 271,000 nonfarm jobs in the county last month, an increase of 900 more than July 2013.

But from June to July this year, the number of nonfarm jobs fell by 1,900.

The manufacturing sector in the county shed nearly 2,000 jobs when compared year-over-year, according to the Employment Security Department.

The sector lost an estimated 1,000 jobs from June to July this year.

Employment growth has been slowing throughout 2013 and the first months of 2014.

The county’s hotels and motels saw demand increase in July, according to Amy Spain, executive director of the Snohomish County Tourism Bureau.

Compared to the previous month, occupancy was up 3.6 percent and revenue per available room rose 14.6 percent.

Demand in July was up nearly 11 percent over the same time last year. Revenue saw an even bigger increase — 22.6 percent.

“It was a mixed result with our primary competitors this month as it relates to occupancy,” Spain said in an email.

King, Pierce and Skagit counties grew, while Spokane and Whatcom counties were down.

Dan Catchpole: 425-339-3454; dcatchpole@heraldnet.com; Twitter: @dcatchpole.