Daily Business Report — July 20, 2012
County Jobless Rate Takes a Hike
The unemployment rate in the San Diego County rose to 9.2 percent in June, up from a revised 8.8 percent in May but below the year-ago estimate of 10.4 percent, the state Employment Development Department reported today. By comparison, California’s unemployment rate for June was 10.7 percent and the nation’s was 8.4 percent.
Nonfarm employment was up by 13,400 jobs
over the month and up 24,000 jobs over the year
Between May and June 2012: Total nonfarm employment increased from 1,247,500 to 1,260,900, a gain of 13,400 jobs. Agricultural employment declined by 100 jobs. Leisure and hospitality recorded the greatest month-over gain, adding 7,200 jobs. The seasonal growth in accommodation and food services (up 5,300) accounted for more than two-thirds of the job growth in this sector, primarily from food services and drinking places (up 3,900). Arts, entertainment, and recreation gained 1,900 jobs. Construction added 2,600 jobs. Specialty trade contractors (up 1,700) contributed to almost two-thirds of the job gain in this industry. Construction of buildings increased by 500 jobs.
Between June 2011 and June 2012: Total nonfarm employment gained 24,000 jobs, or 1.9 percent. Agricultural employment declined by 900 jobs, or 8.1 percent. Professional and business services posted the greatest year-over gain, adding 7,200 jobs. Professional, scientific, and technical services (up 4,600) accounted for more than half of the job growth in this sector, followed by a gain of 2,400 jobs in administrative and support and waste services. Management of companies and enterprises added 200 jobs.
Non-Union Taxi Drivers Join the San Diego
Labor Council/AFL-CIO as Affiliate Members
Non-union taxi drivers in San Diego have affiliated with the San Diego Labor Council and the AFL-CIO to gain more clout with the city to improve their working conditions. The announcement was made by Lorena Gonzalez, secretary-treasurer of the San Diego Labor Council, and Mikaiil Hussein, president of the United Taxi Workers of San Diego. The group would be the Labor Council’s first non-union affiliate. Under state law, taxi drivers are considered independent contractors rather than employees and do not enjoy collective bargaining rights. “As a result,” said Gonzalez and Hussein in the joint announcement, “drivers do not benefit from labor laws protecting mandatory lunch periods, breaks, minimum wage and limited shifts. They often face 12-hour shifts and uncapped lease fees, lack health insurance and face retaliation in their efforts to improve safety conditions.” They said the affiliation with the Labor Council gives taxi workers the support they need to work with elected officials on policies that support drivers.
Bella Heule, president and CEO of the World Trade Center San Diego, has been appointed vice president of the World Trade Centers Association (WTCA) in New York. She will assume her new position on July 30. WTCA is the international association of nearly 330 world trade centers in nearly 100 countries around the world. The World Trade Center board will discuss Heule’s succession at its July 25 meeting. Heule will become the first woman in a senior leadership position with the WTCA and the first to have had hands-on experience running world trade centers. She has served on the WTCA board of directors for the past 10 years. Prior to joining the San Diego organization in 2002, she was executive vice president of the WTC Los Angeles and the WTC Long Beach for three years.
Qualcomm Revenues Disappoint
(Reuters) — Qualcomm Inc quarterly revenue rose slower than Wall Street expected from a year ago as the company scrambled to overcome a shortfall of its cutting-edge chips, sending its shares down in late trade. Qualcomm posted a profit of $1.207 billion, or 69 cents per share for its second quarter ended June 24, compared with a profit of $1.035 billion or 61 cents per share in the year-ago quarter. Revenue rose to $4.63 billion from $3.62 billion, compared with analyst expectations of $4.677 billion.
NRC: Inaccurate Computer Modeling
Caused San Onofre Nuclear Plant Damage
Vibrations that damaged steam generator tubes at the San Onofre Nuclear Generating Station were the result of inaccurate computer modeling by their manufacturer, according to a report released Thursday by a Nuclear Regulatory Commission inspection team. The nuclear has been shut down since Jan. 31, when a tube in one of its two reactor units sprang a leak. The other unit was inoperative at the time for planned maintenance. The NRC sent what it calls an “augmented inspection team” to the plant to investigate the cause of the leak and the response by the plant’s operator, Rosemead-based Southern California Edison. The inspection team agreed with the utility’s findings that vibrations from fluid elastic instability caused excess wear in the tubes that were less than two years old. The team further concluded that computer modeling by the manufacturer, Mitsubishi Heavy Industries, did not result in a design that provides a safety margin for vibrations, according to the report.
MG Properties Group, a private, San Diego-based real estate investor and operator, has hired Richard Gelbart to the newly created position of vice president of investor relations. Gelbart will be responsible for communications with the company’s 200 individual investors and the development of relationships with potential new private capital investors. Gelbart has more than 25 years of multifamily investment real estate experience. He was previously a senior vice president and later president of a San Diego-based apartment investment and management company.
The Daily Business Report is produced by SD METRO. Contact: Manny Cruz (619) 287-1865. email@example.com.