Good news on the job front

L.A. County's February unemployment rate was 4.6 percent, unchanged from the previous month and well below the 5.0 percent level in February, 2006. Statewide, unemployment was at 4.8 percent, unchanged from a month earlier. A separate survey of county payrolls shows that 27,000 jobs were added last month, with strong increases in education, the media and entertainment sector, and professional services. Even manufacturing added 3,000 jobs. These numbers tell you a lot about why real estate hasn't imploded. When homeowners have jobs, there's no need to desperately slash prices, as many did in the early 90s. A combination of high prices and limited inventory have kept demand high. What the February numbers don't show are problems in the subprime lending industry, especially in OC. With some lenders either cutting back or shutting their doors, you can expect a few thousand folks to be out of work by this spring or summer.