11:13am | Unemployment in Long Beach fell in February, according to a recent report from the Employment Development Department.
Unemployment citywide dropped to 13.5 percent in February, and has been mostly on the decline since reaching a record high in July of 14.7 percent, according to an EDD report released on Friday. The decrease is thanks to roughly 1,100 new local jobs, many of which can be attributed to increased port productivity and a number of major public improvement projects that have launched.
The seasonally adjusted unemployment rate in Los Angeles County fell to 12.6 percent in February from a revised 12.9 percent in January, though this was still above the rate of 12.3 percent one year ago, according to the report.
Regardless of the decrease, the local rate is still much higher than the national average of 8.9 percent.
Civilian employment countywide rose by 10,000 jobs to 4,284,000 in February, while unemployment fell by 15,000 to 617,000 over the month.
The unadjusted unemployment rate for the county was 12.3 percent in February.
California’s seasonally adjusted unemployment rate was 12.2 percent in February, 12.4 percent in January and 12.4 percent a year ago in February 2010. Estimates for the nation were 8.9 percent in February, 9 percent in January, and 9.7 percent in February 2010.
Professional and business services reported the largest month-over employment increase statewide with 21,200 jobs gained in February, while information posted the second largest month-over employment increase with 10,200 jobs. Much of the growth in the information sector can be attributed to payrolls in motion pictures and sound recording. The Educational and health services sector was close behind, growing by 8,300 jobs over the month, according to the EDD report.
Trade, transportation and utilities reported the only monthly decline with a loss of 4,500 jobs in February. Within this category, retail trade led the decline with the loss of 5,900 jobs, but that was slightly offset by gains in transportation, warehousing and utilities, which was up 900 jobs, and wholesale trade, which was up 500 jobs, the report shows.
The report was issued amidst the release of several positive reports on the economy.
A Fox Business Network story issued Monday reported that the spring 2011 Global Business Outlook survey of executives by accounting firm KMPG shows that confidence among business professionals across Europe and the United States is growing.
“Of those in the service industry, 55 percent of respondents predicted an improvement in business activity within the year. Only 8 percent anticipated a decline,” the story states. “The results vary drastically from the winter survey, where the percentage fell across many indicators. The manufacturing sector saw record highs across four of its top five indicators since the survey became global in October 2009.”
However, the survey fails to wholly account for current global events “such as mass protests in North Africa and the catastrophic earthquake and tsunami in Japan, both of which have impacted oil prices and shaken markets,” the story states.