San Diego Job Market Strong, Despite High Profile Job Cut Announcements
San Diego's job market is still improving, even with the news that three high profile companies are shedding workers, according to a San Diego economist.
Cox Communications is laying off 500 people. Sony is trimming 400 jobs from its local workforce. And San Diego-based Websense is moving to Texas and taking 470 local jobs.
The job losses don't reflect the reality of the local job market, according to Marney Cox, the senior economist at the San Diego Association of Governments. He said the region's job market continues to gain strength.
"And you can see that in our unemployment rate. We're certainly generating more jobs," Cox said.
Cox said the unemployment rate hovered above the US. unemployment rate for 48 months in a row after the great recession. It is now finally back below the U.S. average, Cox said.
It is also important to understand the context surrounding the job cut announcements.
Sony and Cox Communications are cutting jobs because those companies are struggling in very competitive industries.
Cox said the Websense case is more worrisome. That's because the company is a healthy firm that is moving its potential to create more jobs to another region.