The job market in Southern California is showing a mixed picture, with the unemployment rate in June reaching the highest level since the start of 2022. However, hiring has been faster than in early 2023. Unemployment rates were 5.9% in LA County, 5.3% in the Inland Empire, and 4% in Orange County. The increase in unemployment from May was larger than average, indicating a possibly cooled job market.
Employers in Southern California added 22,800 jobs in June, with a total of 8.02 million workers, reflecting a 1.5% job growth over the year. This is the fastest pace since January 2023. Despite some economic uncertainties and cost cutting, the workforce is growing at its fastest pace in eight months.
Key industry sectors saw fluctuations in job numbers, with Private Education/Health showing a decrease of 9,400 jobs, while Government jobs increased by 6,600. The Los Angeles County job market added 60,200 jobs over the year, Orange County added 23,800, and the Inland Empire added 31,100.
Overall, the job market in Southern California is seeing some positive growth in hiring, but challenges remain with inflation impacting household budgets. The Federal Reserve’s efforts to slow down the economy with higher interest rates are also a factor to consider. The region’s job market continues to evolve with various industry sectors showing different trends in job numbers.
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