The latest employment report from the San Diego Association of Governments (SANDAG) shows a slight improvement in the region’s employment rate, but the agency is quick to warn the gains could be short lived due to recent reversals in pandemic-related re-openings that could further tighten the clamps on San Diego’s economy.
“The recent rollbacks in opening could significantly impact the food and beverage industry,” said SANDAG Chief Economist Ray Major. “Additionally, we could see another wave of layoffs as funding from Paycheck Protection Program loans is exhausted.”
SANDAG’s latest Employment Analysis report puts the unemployment rate, as of June 27, at 14.3%, a 1.4% improvement from June 20 and a 10.7% improvement from the region’s record peak of 25% set May 9. The agency said it took less than two months for the unemployment rate to increase eight-fold, but said recovery will take much longer than that.
The report also tracks unemployment rates by zip code, and the July 6 issue shows the five zip codes most impacted fall in Encanto, the College Area, City Heights, San Ysidro, and Logan Heights — Logan Heights still has an estimated unemployment rate above 20%, according to the report.
On the opposite end of the scale are Carmel Valley, Del Mar, Rancho Santa Fe, north east Chula Vista, and west Rancho Bernardo with rates just over 10%.
Read SANDAG’s full report here.