If there’s a cooling of the job market, somebody forget to tell Southern California bosses.
My trusty spreadsheet, filled with state job figures, found 7.95 million at work in Los Angeles, Orange, Riverside and San Bernardino counties in February. That’s up 59,100 workers in a month, up 159,900 in 12 months, and 56,800 above pre-pandemic February 2020.
And this is strong hiring for a February. Between 2015 and 2019, before we knew anything of coronavirus, local bosses added 46,100 jobs in the average February.
The significant local job growth is somewhat surprising considering the Federal Reserve’s significant efforts to cool an overheated economy that’s generating problematic inflation. In addition, numerous technology companies – big California employers – have announced major layoff plans.
Limited choices
The sustained hiring pace comes as employers have limited choice for talent.
The “workforce” – a tally of the jobless plus the employed — was 8.82 million for February. That was down 13,400 in a year and off 234,300 in three years, or 97% of pre-pandemic levels. That shortfall is a reason bosses struggle to fill open positions. It also subdues the hiring pace and increases wages.
Unemployment rose slightly in February, with 4.7% of Southern California workers officially out of work – up from 4.5% in the previous month, but down from 5.2% a year earlier. Joblessness was 4.3% in February 2020.
Regional differences
Here’s how the job market performed in three metropolitan areas in February …
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Los Angeles County: 4.59 million workers employed, 99.3% of three years ago after adding 41,900 in a month and growing by 102,300 in a year. Unemployment rate was 5.3% vs. 4.9% in January; 5.2% a year ago; 4.9% three years ago.
Orange County: 1.69 million workers, 100.5% of three years ago after adding 10,500 in a month and growing by 44,600 in a year. Unemployment was 3.4% – same as January; 3.3% a year ago; 2.8% three years ago.
Inland Empire: 1.67 million workers, 105.1% of three years ago after adding 6,700 in a month and growing by 13,000 in a year. Unemployment was 4.5% vs. 4.4% a month earlier; 4.2% a year ago; 3.9% three years ago.
Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at jlansner@scng.com