Who’s hiring

Southern California bosses added 132,500 jobs in the past year – a hiring pace 17% slower than the pre-pandemic hiring pace.

My trusty spreadsheet, filled with state job figures, found 7.97 million at work in Los Angeles, Orange, Riverside and San Bernardino counties in August. That’s 1.7% higher over 12 months compared with a 4,200 drop – or 0.1% – in the previous 12 months.

An example of what worries the Federal Reserve – economic concerns that led to this week’s interest rate cut, a first in four years – is found when you compare these modest hiring trends with 2015-19. That’s when Southern California job creation averaged 159,600 a year or a 2.2% growth rate.

Today, it’s a decidedly cooler job market. For the month, Southern California gained 17,100 workers, primarily as educators returned to the classrooms after summer break. However, this July-to-August gain is 51% below the 35,000 average hiring pace in the month during 2015-19.

The four-county unemployment rate for August was 6.1% – the highest since October 2021. It’s up from 6% in the previous month and higher than 5.3% a year earlier. Joblessness averaged 4.7% before the pandemic.

Looking at key Southern California business sectors, let’s ponder job swings ranked by one-year change …

Healthcare: 834,000 workers – up 37,100 in a year. In August, up 5,600 vs. July.

Government: 997,000 workers – up 33,400 in a year. For August, up 19,900.

Social assistance: 509,600 workers – up 30,300 in a year. For August, up 4,200.

Hotels/entertainment/recreation: 272,400 workers – up 10,100 in a year. For August, down 500.

Private education: 196,300 workers – up 8,000 in a year. For August, down 4,000.

Logistics utilities: 808,700 workers – up 7,100 in a year. For August, down 100.

Full-service eateries: 341,800 workers – up 5,800 in a year. For August, down 500.

Retailing: 734,200 workers – up 3,600 in a year. For August, up 1,600.

Construction: 380,100 workers – up 3,300 in a year. For August, up 700.

Fast food restaurants: 362,600 workers – up 3,300 in a year. For August, down 300.

Information: 215,100 workers – up 2,800 in a year. For August, down 4,000.

Financial: 360,600 workers – up 1,900 in a year. For August, down 400.

Personal services: 266,000 workers – up 900 in a year. For August, down 2,300.

Professional services: 1.13 million workers – down 200 in a year. For August, down 1,000.

Manufacturing: 562,800 workers – down 10,000 in a year. For August, down 1,800.

Where is the hiring?

Consider the varied job creation among the region’s key metropolitan areas in August …

Los Angeles County: 4.57 million workers, after adding 78,100 in a year. Grew 13,700 in the month vs. average August with 21,700 hires in 2015-19. Unemployment? 6.7% for August vs. 6.5% a month earlier; 5.3% a year ago; and 5.2% average in 2015-19.

Inland Empire: 1.7 million workers, after adding 33,600 in a year. Grew 7,200 in the month vs. hiring averaging 10,700 in 2015-19. Unemployment? 6% for August vs. 5.9% a month earlier; 5.1% a year ago; and 5.2% average in 2015-19.

Orange County: 1.7 million workers, after adding 20,800 in a year. But down 3,800 in the month vs. hiring averaging 2,600 in 2015-19. Unemployment? 4.5% for August vs. 4.4% a month earlier; 3.8% a year ago; and 3.6% average in 2015-19.

Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at [email protected]