A record number of Southern Californians were working in November, despite a hiring pace that was three-quarters what’s normal for the month.
My trusty spreadsheet, filled with state job figures released Friday, Dec. 22, found a record 8.17 million at work in Los Angeles, Orange, Riverside and San Bernardino counties. That’s a gain of 47,400 in a month and 137,000 in 12 months.
Ponder the slower job growth due, in good part, to the Federal Reserve’s effort to chill the economy and dampen high inflation.
Local hiring was 26% below the average 64,140 workers added in the month of November between 2015-19. October’s average was 96,700 employees added. Plus, the past year’s job growth of 1.7% was just over half the previous 12 months’ 2.9% increase and below the 2.2% average in 2015-19.
That sluggish job growth translated to increased regional joblessness.
The four-county unemployment rate was 4.6% in November – the same as October and up from 4% a year earlier. Joblessness averaged 4.1% in pre-pandemic 2018-19.
Regional differences
Here’s how the job market performed in the region’s key metropolitan areas …
Los Angeles County: Record-high 4.72 million workers, after adding 32,400 in a month and growing by 77,700 in a year. Hiring averaged 31,260 for the month in 2015-19. The unemployment rate was 5%, the same as a month earlier but up from 4.4% a year ago; and 4.6% average in 2018-19.
Orange County: Record-high 1.74 million workers, after adding 1,000 in a month and growing by 29,300 in a year. Hiring averaged 9,000 for the month in 2015-19. The unemployment rate was 3.8% vs. 3.7% a month earlier; 2.7% a year ago; and 2.9% average in 2018-19.
Inland Empire: Record-tying-high 1.72 million workers, after adding 14,000 in a month and 30,000 in a year. Hiring averaged 23,880 for the month in 2015-19. The unemployment rate was 5.1%, the same as a month earlier but up from 3.7% a year ago; and 4.2% average in 2018-19.
Industry swings
Job changes in key Southern California business sectors, ranked by one-month change …
Retailing: 772,500 workers – up 20,000 in a month and up 13,300 in a year.
Transport-warehouse-utility: 728,100 workers – up 14,700 in a month and up 12,400 in a year.
Information: 248,100 workers – up 8,300 in a month but down -25,000 in a year.
Government: 1.02 million workers – up 8,300 in a month and up 13,000 in a year.
Education/health: 1.5 million workers – up 5,400 in a month and up 77,500 in a year.
Financial: 376,600 workers – up 1,000 in a month but down 1,500 in a year.
Construction: 392,200 workers – up 300 in a month and up 18,800 in a year.
Leisure/hospitality: 972,500 workers – up 300 in a month and up 42,500 in a year.
Manufacturing: 573,100 workers – down 600 in a month and down 8,700 in a year.
Professional-business services: 1.21 million workers – down 5,700 in a month and down 1,600 in a year.
Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at jlansner@scng.com
Source: Orange County Register
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