Daily Business Report-Aug. 24, 2015
California’s jobless rate for the same period was 6.5 percent while the national jobless rate was 5.6 percent.
San Diego County Jobless Rate
Inches Upward to 5.4 Percent
Nonfarm employment down by 1,900 jobs over the month; up 48,200 jobs over the year
San Diego County’s unemployment report inched upward in July to 5.4 percent compared to 5.0 percent in June, but below the year-ago estimate of 6.9 percent, the state Employment Development Department reported.
California’s jobless rate for the same period was 6.5 percent while the national jobless rate was 5.6 percent.
While nonfarm employment was down by 1,900 jobs over the month, San Diego’s total nonfarm employment grew by 3.6 percent year-over-year, adding 48,200 jobs from July 2014 to July 2015.
“Every indicator points San Diego in a positive direction, especially employment growth figures, which are really picking up speed,” said Phil Blair, executive officer at Manpower San Diego. Every year, thousands of education workers temporarily respond as unemployed once schools go on summer break, but these people do not actually leave the labor force. We should not be concerned about the four tenths uptick in unemployment.”
According to the Manpower Monthly Report:
• At 3.6 percent, San Diego’s annual job growth rate outpaced the national average of 2.1 percent
• The private sector added more than 10,000 jobs from June to July, mostly in the innovation and tourism economy
• The professional, scientific and technical services sector grew by 7.4 percent year-to-year, and accounted for 21.9 percent of all annual private job growth—the most of any sector in the region.
Between June 2015 and July 2015:
Nonfarm employment declined from 1,392,000 to 1,390,100, a loss of 1,900 jobs. Agricultural employment dropped by 500 jobs, or 4.6 percent.
Between July 2014 and July 2015:
Nonfarm employment gained 48,200 jobs, or 3.6 percent. Agricultural employment declined by 100 jobs.
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New Study Makes Major Advance
Toward Long-Lasting Flu Vaccine
Scientists from The Scripps Research Institute (TSRI) and the Janssen Pharmaceutical Companies of Johnson & Johnson have found a way to induce antibodies to fight a wide range of influenza subtypesn–nwork that could one day eliminate the need for repeated seasonal flu shots.
“This study shows that we’re moving in the right direction for a universal flu vaccine,” said Ian Wilson, Hansen professor of Structural Biology and chair of the Department of Integrative Structural and Computational Biology at TSRI.
The study was part of TSRI’s long-term collaboration to strengthen research against infectious disease with the former Crucell Vaccine Institute, now known as Janssen Prevention Center and headquartered in Leiden, the Netherlands.
The research was published online by the journal Science.
Seasonal flu typically causes more than 200,000 hospitalizations and 36,000 deaths every year in the United States, according to the U.S. Centers for Disease Control and Prevention. While a yearly flu shot provides some protection, subtypes not covered by the vaccine can emerge rapidly. This phenomenon was evident in the 2009 spread of the H1N1 (“swine flu”) subtype that killed an estimated 151,700 to 575,400 people worldwide.
State Legislators Proposing Tax Hike
On Gas for Road and Bridge Repairs
City News Service
Drivers in California could pay higher gas taxes and vehicle user fees under a series of options being considered by state lawmakers to raise as much as $59 billion over the next decade to pay for repairs to roads, bridges and other transportation infrastructure throughout the state, officials said Friday.
Assembly Speaker Toni Atkins (D-San Diego), and state Transportation Secretary Brian Kelly were joined by Los Angeles Mayor Eric Garcetti, members of the Los Angeles Area Chamber of Commerce and others to push for a transportation funding bill to be passed during a special legislative session called by Gov. Jerry Brown.
Atkins said the state Legislature has three weeks to reach an agreement on what to include in the final package, but some ideas, such as a 12-cent increase to the gas tax, have been proposed and are “part of the menu.”
Kelly, who represents the governor’s office, said so far “there is not a single package that has demonstrated the political support necessary to move out of the legislature.”
He said the governor supports a bill that will create a “new stable ongoing revenue from user fees to invest in transportation” and that officials are negotiating with “all legislative caucuses now on what that package looks like.”
It will take putting “political will … and candidly, the necessary votes together to move forward on a new funding package to make the necessary investments,” Kelly said.
Atkins was reluctant to give further details about the likely funding package, but Garcetti shared a specific set of policies being pushed by a coalition of mayors, cities, labor groups and chambers of commerce. The Fix Our Roads coalition is calling for a bill that puts $6 billion annually into transportation repairs and maintenance for at least 10 years, Garcetti said.
National City Plaza Sells for $14.9 Million
National City Plaza, a 84,230-square-foot grocery-anchored shopping center in National City, has been sold for $14.9 million. The buyer is Red Mountain. The seller was National City Plaza LLC. The sale was arranged by Marcus & Millichap.
National City Plaza is located on the northwest corner of East Division Street and Euclid Avenue at 2323 E. Division St. The center was built in 1965 on 6.7 acres and renovated in 2014. Major tenants include Diego Valley Public Charter, Dollar Tree and Wrigley’s Supermarket.
The property has a historical occupancy of more than 90 percent and its net operating income has increased 41 percent over the last 10 years, according to Marcus & Millichap.
Seminar to Explain How to Use
Facebook to Grow Your Business
On Thursday, Aug. 27, Facebook’s Small Business Boost will travel to La Jolla on Aug. 27 to connect small business owners with the tools they need to boost their businesses using Facebook.
The event will be co-hosted by the San Diego Regional Chamber, with Congressman Scott Peters welcoming entrepreneurs.
The Small Business Boost seminar will include a presentation by a Facebook small business expert on the latest Facebook best practices and strategies for success. A Q&A panel will follow, featuring local small businesses that will share their tips, tricks and suggestions.
“San Diego is driven by the hard work and innovation of our entrepreneurs and small business owners,” said Peters. “Our region’s continued growth depends on providing local businesses with the tools to succeed in a modern economy where commerce increasingly begins online. Facebook is one of these tools.”
Seminar Facts:
• There are more than 2 billion connections between local businesses and people who use Facebook.
• There are more than 40 million small businesses using Facebook to connect with customers.
The seminar will be held from 9:30 a.m. to noon in the Grand La Jolla Ballroom of the San Diego Marriott La Jolla, 4240 La Jolla Village Drive.
You’re Invited
Grand Opening of Fault Line Park
Everyone is invited to the Grand Opening and ribbon cutting of Fault Line Park on Friday, Aug. 28, at 11 am. The new 1.5-acre green space, located near 1429 Island Avenue, features rolling greens, a playground, and a pedestrian walkway.
San Diego Housing Federation
Appoints Interim Executive Director
Veteran housing expert Tom Scott has been appointed interim executive director of the San Diego Housing Federation, a position he held for nine years between 2002 and 2010. He was appointed by the board following the departure of outgoing executive director Bruce Reznik, who has accepted a position leading an environmental advocacy organization in Los Angeles.
“We are delighted that Tom brings extensive housing experience and capable leadership to the role of executive director and feel confident that he will ably handle the important work of the organization while we conduct a national search for a full-time permanent replacement,” said Mary Jane Jagodzinski, president of the organization’s board of directors.
The federation’s 24th annual conference is scheduled for Oct. 29 at the San Diego Hilton Bayfront Hotel. The theme is “Housing Our Future.
