In June, the economic downturn hit Orange County workers. On Friday, the state Employment Development Department reported the local unemployment rate jumped 5.2 percent, the highest in five years. Just a year ago, local unemployment was just 4 percent.

Unemployment hasn't been this high in Orange County since July 2003, and when it hit 5.1 percent, employers waited for a rebound from the last recession before hiring anymore help.

12,800 jobs have been cut since June 2007, which has caused the financial sector to suffer the most. Construction sectors have lost 16,100 jobs over the past 12 months because housing and commercial building has been slowed.

Though Orange County's unemployment rate has made a significant increase, it is still the fourth lowest in the state. Santa Barbara ties in at 5.2 percent with Marin County at 4.6 percent, the lowest unemployment rate in the state.

Statewide, the June unemployment rate, adjusted for seasonal variations, with 6.9 percent, up from 5.3 percent in June 2007. U.S. unemployment was 5.5. percent last month compared with 4.7 percent a year ago.

Keeping you informed about the Orange County real estate market, economy and life in the OC is what I'm committed to doing.    

For more great Orange County market insight and industry news visit Laguna Niguel Real Estate or view the Orange County Market Trends at Orange County Real Estate.  

Listen to Zen's Laguna Niguel Real Estate Podcast available 24/7.

SEARCH ORANGE COUNTY'S BEST HOMES at Orange County MLS Home Search