O.C. 3rd quarter job loss is nation’s biggest
April 9th, 2008, 7:45 am · 39 Comments · posted by Jon Lansner/O.C. Register columnist
Job stats from federal employment counters show that Orange County lost 19,100 jobs in the year ended in the third quarter, the worst rate of job loss among the nation’s 328 largest counties.
Yes, that’s bigger than places like the counties of Wayne, Mich. (-18,000), Oakland, Mich. (-9,600), Pinellas, Fla. (-9,500), and Macomb, Mich. (-9,400).
The quarterly federal job count is taken from bosses’ unemployment insurance filings, not a survey sample used for the monthly jobs data. While the report seems tardy, it’s seen as more accurate and can put O.C. job trends in a national (and this case ugly) perspective.
As of September, employment rose in 217 of these large counties in the year ending September 2007 and fell in 86.
The largest gains were recorded in Harris, Texas (74,700), New York, N.Y. (46,800), Dallas, Texas (32,700), King, Wash. (26,600), and Wake, N.C. (22,300).
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April 9th, 2008 at 9:52 am
This is it … the BOTTOM!
Home prices will most certainly increase this summer … take that one to the bank.
April 9th, 2008 at 10:00 am
I would say this is more evidence of why home prices are going to fall even more. There aren’t enough job opportunities to yield such high home prices.
April 9th, 2008 at 10:17 am
I am curious as to how many of those jobs are directly tied to the real estate market? Mortage lending, agents, builders, contractors? We’re seeing a market correction on a massive scale. http://www.madnessletters.com
April 9th, 2008 at 10:19 am
Housing prices with continue to down-turn for another year at least, there is still a 6-month supply, and as forclosures increase, so will suppy adding more fule to the buyers market. people willing to wait to sell with be rewarded but anyone that needs to get out (banks, lenders, people moving) will have to cut to get the few buyers looking to spend.
April 9th, 2008 at 10:29 am
CRAAAAAAAAAAAAAAAAAAAAAAAAAASH !!!!!!
what was that ? It is the sound of the orange county economy hitting a wall.
April 9th, 2008 at 10:34 am
I lost my job in HB and now I work in East LA (Downey area) You have to step outside the myopic OC bubble to find a job. There are no jobs in OC
April 9th, 2008 at 10:35 am
Employment in the OC is getting worse by the day. Fewer jobs means less demand for housing. Expect another leg down in home prices. Sad but true.
http://www.nationalbubble.com/imf-the-us-is-falling-into-a-recession/
April 9th, 2008 at 10:36 am
I think home prices will not be stabilized if there is no dramatic percentage drop shall we say 40 - 60% of it’s current market prices. Then the home prices will start painstickingly appreciate. The problem with the FED is always cutting interest rate and it will just prolong the inevitable which would suppossedly correct the home pricess by itself
April 9th, 2008 at 10:48 am
I wonder how many of these 19,000 jobs were directly related to the mortgage and real estate industries?
April 9th, 2008 at 11:06 am
these numbers are bad for sure. but someone should explain to OCR that a raw number of jobs that were lost is not a “rate”. we lost more jobs, but we apparently have more people also.
still a dismal report, but hard to tell how dismal exactly unless we compare apples to apples. but congrats on “The OC” for being 1st in something again.
April 9th, 2008 at 11:09 am
WELL THIS IS GREAT NEWS FOR YOU GOOFY BULLS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SPIN THIS AROUND AND SEE WHAT KIND OF GOOD NEWS YOU GET OUT OF THIS……LOLLLLL
TRUTHI
VOR
AND WHO EVER ELSE POSTS UNDER ALL THE DIFFERENT NAMES (IM SURE SYBIL MUST BE ONE OF THOSE NAMES LOLLL)
\LETS SEE NUMBER 1 IN JOB LOSSES IN COUNTRY….HMMMMMMMMM
MUST BE GREAT FOR HOUSING
EVEYONE WANTS TO MOVE WHERE THERE IS NO JOBS GAINING/// BUT LOSING THE MOST IN THE COUNTRY!!!!!!!!!!!!!!!!!!1
OH HOW THE NEWS OF A DEAD CAT BOUNCE OF HOUSING NUMBERS BY SOME THOMAS SCOTT FORGOT TO FACTOR IN UNEMPLOYMENT WHERE IS THAT GUY……..LOLLL
WELL MORE GOOD NEWS TO PURCHASE A HOME NOW…….LOLLLLL
U MUST WAIT AT LEAST ANOTHER YEAR OR WHEN EVER U SEE AT LEAST 4 MONTHS OR MORE OF POSITIVE NUMBER IN SOME KINDA CATEGORY. AND THA ISNT HAPPENING ANYTIME SOON………
LONG LIVE THE OC…..
IM PICKING OUT MY HOUSE IM GOING TO BUY IN A YEAR OR LONGER THEY (THE PEOPLE IN IT JUST ARENT AWARE OF IT YET MEANING THEY WILL BE MOVING OUT……LOLLLLL) CANT AFFORD AND HOME VALUE FELL
DOWN DOWN DOWN
HAVE A WONDERFUL DAY I WILL!!!!!!!!!!!!!
A FULL TIME RENTER AND LOVING IT
April 9th, 2008 at 11:28 am
Lee and NB you are both idiots. GO sell you services elsewhere. The job losses are related to the mortgage industry, that accounts for about 12000 jobs. Subtract that out, and now it doesnt look that bad. Still plent of jobs in the OC. The reason why we fare better than most counties is because of the many small and middle size firms located here. We do not depend on large manufacturing companys to keep us going i.e. Boeing.
April 9th, 2008 at 11:36 am
It’s easy to afford a home in Orange County. Mexicans do it all the time by living with 50 illegal relatives.
April 9th, 2008 at 11:36 am
I’d add the question: Is this number a net or gross loss? In other words, now many jobs did we also add during this time?
Also, Orange County basically has more jobs than working aged / abled people. Folks commute here from other counties (Riverside, SB, and L.A. ) to work here. How many of these lost jobs actually just moved across the county line and didn’t actually disappear?
The Register seems to be relying heavily on Blogs for it’s news nowadays and I think it’s a sort of hybrid journalism. Where are the details, the questions and the follow ups to this story?
April 9th, 2008 at 11:39 am
I’ll bet that 80% of those jobs were in the mortgage sector.
April 9th, 2008 at 11:46 am
If you can run your customer service call center just as easily out of Kentucky where real estate is a 1/4 of the cost it was here, would you renew that Irvine Spectrum lease?
Not to mention anyone whose work has anything to do with remodeling, upgrading, maintaining the house…homeowners were a little strapped these past few years.
You can blame yourselves CONSERVATIVE O.C.ers for voting for Bush.
April 9th, 2008 at 12:23 pm
Don’t worry, if you have a commision based job and you are NOT making any money, they still count you as employed.
By the time this downturn ends, it will easily trump the losses of the aerospace industry years back. Real estate will follow the job market with a 12 to 18 month lag. A collapse is coming, just like the IE is having.
To make matters way worse, the republicans at the private company called the federal reserve have devalued your wages, savings and purchasing power. People that had money to put down on a house got an interest rate cut and they are focusing that money more on food and oil. And people that were just scraping by can’t afford to drive to work.
If you work for Countrywide, Bear Stearns, JPMorgan or Goldman Sachs, don’t worry the federal reserve will continue to illegally give you our tax dollars.
April 9th, 2008 at 1:42 pm
As president of a moderate sized business I can tell you that locating qualified people in OC is extremely difficult. Our company is growing and for last 18 months we have tried with minimum success to hire local resources. Unfortunately the competence and work ethic of the local work force is abysmal. There is a sense of entitlement and an attitude of “it is ok to be lazy” that permeates the younger generation. Parents here in OC have done their children a great disservice.
Consequently we are forced to outsource to other states. The results have been fantastic. We have been able to hire 12 people in the last 8 months.
We are not talking about low pay jobs. Our starting salary is $20/hr plus bonus incentives.
I speak with quite a few owners and fellow executives here in OC whose business is growing. Their experience is the same as ours. And like our organization they to are outsourcing with success.
There are plenty of jobs in OC. You just have to be willing to work for them and work hard to ensure the organizations continued success. It is a two way street.
April 9th, 2008 at 1:53 pm
So what is the gov’t going to do to help the rest of us that are still unemployed 6 months to a year after being laid off. It’s impossible to find a job with comprable pay that will help pay the mortgage on my house that is now not worth 1/2 of what I paid for it. Will I only get help if I go into foreclosure?
April 9th, 2008 at 1:55 pm
That must be why there are tens of thousands of quality job openings on indeed.com when you type in Irvine, Ca. All those job openings exist because OC has no jobs. OK.
April 9th, 2008 at 2:02 pm
I stand corrected. More like 54,585 when you enter Irvine, Ca. You are right. OC has a job problem. It has too many.
April 9th, 2008 at 2:09 pm
Want some more data? Go to indeed.com and enter California. 455,350 jobs. That means the Irvine area has 12% of the available jobs in California. This is incredible. Is anyone else getting burned out on the register publishing negative info on Orange County?
April 9th, 2008 at 2:22 pm
And, if for some reason, you are unable to land a juicy six figure job from the 54,585 jobs in the Irvine area, you could always commute to the El Segundo area. Just like Irvine, they also have a huge job shortage. Only 91,593 job openings up there. But, this is horrible data, as it ruins “housing crash hysteria” being pushed so hard by the media.
April 9th, 2008 at 2:29 pm
Jimmy
Good for you if you want to work for a juicy low wage misery salary. Thousand of jobs available, see how the illegals are flocking OC? That is the majority of class jobs you see in those .com indexes. Do you work for RE?
April 9th, 2008 at 2:36 pm
what to do with all the illegals now that the construction boom has ended…lets ask dena bunis or amy taxin
April 9th, 2008 at 2:39 pm
50K plus job openings. Supports the argument that qualified candidates are extremely rare. People in OC complain about the dearth of jobs. Anyone willing to put in a good day’s work will have no problem finding a job. There are jobs available. Good paying jobs for conscientious motivated people. The reality is people around here want to get paid for sitting around doing nothing.
It is all about the fancy car and nice clothes, Image over substance. They do not understand that you have to break a sweat from time to time to get ahead in life. Work hard and reap the benefits. Otherwise mope around and go to the mall thinking your affluent.
April 9th, 2008 at 3:01 pm
That is great new Jimmy, thanks. The BIG challenge is the HR departments along with hiring managers are dragging their feet. I have applied and interviewed many, many jobs within the last three weeks and none have made a decision. I have followed up with all of them.
Thanks for pointing me to indeed.com. I did not know about the website
April 9th, 2008 at 3:01 pm
a lot of times, recruiting firms mine resume by posting bogus job. They then use your resume and cold call companies to try to place you. I wonder if Indeed.com mention that.
April 9th, 2008 at 3:05 pm
Shut up Jimmy. Just shut up. The “Media” isn’t responsible for this mess, it’s the lack of oversight and accountability by this administration (+ investor greed) that has caused the housing crash.
You’d rather the media get out of the way and let the People With Money have their will over everyone.
God bless the media.
And yes, one of those 54,000 part-time or Taco Bell jobs are just what the masses are looking for, right?…
Just shut up.
April 9th, 2008 at 3:06 pm
Well, I went to indeed.com and attempted to apply for four positions, all were removed or expired. Just to show that the statistics on indeed.com are not even close to accurate.
April 9th, 2008 at 3:31 pm
dimmy thats really great news.. indeed.com yeah
thats the ticket indeed… hey dimmy Ive got a real
great deal on a bridge you might be interested in
its back in brooklyn NY but you can have it shipped
out to california and you can put it in the back of
your beach house the neighbors will be soooo
envious and for you its only $100,000– just pay
me in cash soz we can exclude any taxes ya
follow me- thats why I can sell it to you on the cheap
now just meet me at casanova in newport on
saturday night at 9 sharp– bring the cash in a
briefcase- i’ll be at the bar wearing an elmer fudd
hunting cap so you wont miss me… but keep this
as a secret just between the two of us ok….
April 9th, 2008 at 3:52 pm
Oh Oh. More good news from the bond market. Or, should I say bad news for the dems. Mortgage spreads fell sharply today. And, IndyMac was able to sell a Non-Agency mortgage bond, first time in two months. Could this be the beginning of the end of “housing crash hysteria”? I think so.
April 9th, 2008 at 4:11 pm
hey rants did mumbles make any more announcements today??
April 9th, 2008 at 4:31 pm
Jimmy-
IndyMac sold that pool at a $2 million loss. I’m not sure how that signals the end of anything.
April 9th, 2008 at 4:40 pm
It IS different here!
April 9th, 2008 at 4:55 pm
If unemployment rate nationwide is only 5.1% NOW, just wait till unemployment hits 6%. That, my friend is where we bottomed….. It ain’t over till it’s over!
April 9th, 2008 at 5:52 pm
We are still in early recession phase. While President Bush is busy with Iraq war and prepare his trip to China, you are on your own. More jobloss ahead. Inflation rises nicely with high tax, gas and food prices.
If you can not handle, get out now.
Alan Greenspan and his policy missteps had laid the groundwork for the current crisis. Lenders, Banks, and Investment Companies took advantages and abuse our system to enjoyed hundred of billion dollars during the past 6 years. Fed Bailout’s a scam, a fraud, a charade, and a lie. Bailout is not for you.
Every county deserves its president and commander in chief. Most important of all, make sure you vote. It does count.
April 12th, 2008 at 6:57 pm
I usually don’t weigh in… but I would just like to mention that many of the school districts around the state have already sent out RIF (Reduction In Force) letters. Capistrano stands to lose over 400 jobs with over 200 being classroom teachers unless funding is restored. Most of the teachers will be those newer to the district as tenure/seniority is a determining factor. These are middle class wage earners that will be looking for jobs if if they don’t find them may lose homes and may move.
Capistrano is one of the largest employers in OC. Remember that this is caused by a change in funding from the state and therefore will impact most of the school districts across the state. The bulk of these job losses are yet to hit beginning in late late September when they will miss their first paycheck. Be aware too that they are already tightening their budget belts in anticipation.
I don’t think it is over (I wish it were). The home prices will need to adjust downward.
My parents are retired and they have been hard hit by the jump in fuel and food prices as well as the lower interest income.
The government needs to help not by bailing anyone out. The best way they can help is by vigorously prosecuting fraud. Lowering taxes on the working and producing and eliminating taxpayer subsidies.
We need to reduce the overhead and government is a big source of overhead. We should dump the income tax and all the special exemptions and replace it with a less than revenue neutral sales tax on non-essential goods. We should cut all distant ROAE government projects and redouble efforts at those enterprises that will reap the most benefit the soonest.
Now we won’t do this because of all the special interests and politicians, but this would be a good start.
If the Dems win the presidency we are in for more taxes and spending… the Reps are not fiscally conservative as we need, but the candidates that would have been best are out of the running.
It is up to us to show enough individual character to weather this.
May 29th, 2008 at 9:17 pm
I don’t even know where to start, so I will just begin to dish….. This all started 3 months and 9 days ago, where I began my JOB SEARCH!!
I am sure for most of you reading this, you have already felt the market constraints a long time ago. For me, I have been in the mortgage industry for the last 18 years. For the last 13 years, I have been working for a family business part time. I have been their administrative assistant, buyer, travel planner etc.. As well as working as an Admin. Asst. part time, I remained working in the mortgage industry as well. Most recently, I spent 9 years with the same company.
As of today, I have applied to over 86 positions. I have signed up with 9 recruiting agencies and I have not landed a position thus far.
I have never been out of a job in my life. I have always been blessed to either be recruited into a company from a peer or I was actually HIRED!!
At this point, it seems anyone who has mortgage banking background (EXCEPT FHA) is being discriminated.. It is point blank in many, many job descriptions. I can’t even believe that employers can actually get away with that.
There are many of us looking outside the industry as well. However, when a potential employer sees the word Lending or Mortgage on your resume, they turn their noses up.