Whatcom hits record-low unemployment, but it’s not all good news
It’s rarely been easier to find a job in Whatcom County than right now, but it’s still not a healthy labor market during this pandemic.
The local unemployment rate hit a record low in November, coming in at a rate of 3.6% according to preliminary data from the Washington State Employment Security Department. If the preliminary number holds, it will be the lowest monthly unemployment rate in Whatcom County in the past 31 years, when the state began using its current methods to measure unemployment.
Full-employment that doesn’t lead to inflation is generally defined as between 4-5%.
While unemployment this low is good news for those looking for work, it’s not taking a full picture of what’s going on, said Anneliese Vance-Sherman, a regional labor economist for the state. The unemployment rate only measures those working and people actively looking for work. There are many who are not actively looking because of pandemic-related issues.
Whatcom County’s workforce is currently similar in size to November 2019. It should be significantly bigger given the population growth that’s taken place in the past two years. The low unemployment rate coincides with data showing how hard it is for employers to find qualified workers.
“The pandemic hollowed out the labor force, which is now in the process of building back,” Vance-Sherman said in an email. “People who are looking for work are successfully finding work and employers who are looking for employees are finding the search to be challenging.”
Child care, a lack of housing, vaccine mandates, job burnout and COVID-19 are all reasons for the low job participation rate, according to local regional economic experts. Child care appears to be one of the biggest issues, as the biggest drop-off in work participation locally has happened in the 25-34 age group.
