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Thursday, Mar 28, 2024

Valley Unemployment Claims at a Record Low

The Valley’s economy registered a record low number of unemployment claims for the month of October, evidence that economists say displays that the Valley’s economy is on a strong growth path. According to figures released by the California Employment Development Department and assembled by the San Fernando Valley Economic Research Center at California State University, Northridge, claims filed in the area fell to a low of 12, 961. According to Daniel Blake, the center’s director, the claims show that the Valley economy is continuing to expand its job base and absorb people from the unemployment rolls. The record low October claims number comes on the heels of a rapid downward movement in unemployment insurance claims in the Valley that began in the first quarter of 2004. In October, the UI claims number fell below the previous record low, set during the Valley’s economic recovery during the 1995-2000 period. The previous record claims number of 13,526 was achieved in November 2000 after a prolonged economy recovery from the early 1990s recession and before the 2001 recession took hold.

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