Jobless rate holds steady
Spokane’s unemployment rate fell a fraction in October, and a state labor economist said Tuesday the number may not be able to fall much further.
Spokane County’s October jobless rate is 5.1 percent, down from September’s 5.2 percent and from 5.3 percent in October 2004, said state Regional Labor Economist Jeff Zahir.
“We’re already pegging our (unemployment) rate with last year’s rate,” said Zahir, meaning Spokane County’s September and October rates for both years are almost identical.
“I’m hearing from employers who tell me they can’t fill jobs that require qualified applicants,” he said.
Spokane is nearing full employment, Zahir said. That means the area’s unemployment rate cannot fall much lower.
“Some people will never get jobs, and that’s about the low point the system can get to,” Zahir added.
The state and national jobless numbers also took tiny drops in October.
Washington’s seasonally adjusted unemployment rate was 5.6 percent in October, a slight decrease from 5.7 percent a month earlier. The nation’s unemployment rate was 5 percent in October, down from 5.1 percent in September. Spokane County’s jobless rate is not seasonally adjusted.
Compared with a year earlier, Spokane County’s largest job gains occurred in retail and wholesale trade and in financial services.
Spokane’s wholesale trade sector had a net gain of 300 jobs from October 2004, said Zahir. Retail trade produced a yearly gain of 500 jobs, said Zahir. Spokane has about 25,900 retail jobs, one of the area’s largest job sectors.
Compared with one year ago, Spokane’s financial service and insurance firms also gained 500 jobs, bringing that sector to 10,400 total jobs.
Statewide, Washington gained 78,000 payroll jobs since October 2004, state officials said in a press release. That’s a net gain of 2.8 percent; nationally, U.S. employment increased 1.4 percent.
Total nonfarm jobs in the state grew by 23,800 in October, following a drop of 12,100 jobs during September.
State officials said the drop in September and the increase in October both reflect layoffs caused by the Boeing worker strike, which ended last month.