Happy eighth anniversary, Southern California jobs recovery!
Bosses in Los Angeles, Orange, Riverside and San Bernardino counties added 103,300 workers in the 12 months ended in September — thats 96 consecutive months of year-over-year gains — as the regional unemployment rate fell in the year to 4.3 percent.
Here is what my trusty spreadsheet shows are 12 trends to know about the job market in Southern California for September, taken from the state Employment Development Departments monthly report. Its September (seasonally unadjusted) data for the combined four counties compared with a year ago and the average of the previous five years …
1. Unemployment rate: Falling! 4.27 percent compared to 4.58 percent the previous month; 4.40 percent a year ago; and a 6.85 percent 5-year average. Rest of the state? 3.66 percent in September. U.S. rate? 3.6 percent. And its the lowest SoCal jobless rate this century for any September.
2. Number of jobless: Down! 377,700 compared with 389,000 a year ago — down 11,300 or 2.9 percent — vs. the 584,570 average for the previous five years.
3. Jobs: Up! 7.63 million compared with 7.52 million a year ago — up 103,300 or 1.4 percent — vs. the 7.12 million five-year average. And its the highest job count this century for any September.
4. Job growth: Cooling! 1.4 percent in a year compared with 2 percent a year ago and 2.6 percent two years ago. Rest of the state? Up 2.44 percent.
5. Goods-producing jobs: Flat! 957,400 vs. 956,400 a year ago — up 1,000 or 0.1 percent — vs. the 918,802 five-year average. Rest of state in September? Up 2.76 percent.
6. Service-industry jobs: Growing! 6.67 million compared with 6.57 million a year ago — up 102,300 or 1.6 percent — vs. the 6.20 million five-year average. Rest of California in September? Up 2.40 percent.
7. Government jobs: Inched up! 984,700 vs. 980,700 a year ago — up 4,000 or 0.4 percent — vs. the 955,013 five-year average. Rest of state in September? Up 2.22 percent.
8. Los Angeles County: 4.8 percent unemployment in September — No. 41 highest out of the states 58 counties. Job growth? 1.17 percent in a year.
9. Orange County: 2.8 percent unemployment — No. 8 statewide. Job growth? 0.59 percent in a year.
10. Inland Empire: 4.1 percent unemployment; job growth of 2.87 percent. Riverside Countys unemployment of 4.4 percent ranked No. 37 highest statewide; San Bernardino Countys 3.8 percent rate ranked No. 27 in California.
11. SoCals share of jobs statewide: Shrinking! 44.4 percent in September vs. 44.8 percent five years ago and 45.2 percent 10 years ago. And SoCals share of California jobless? Up! 49.1 percent compared with 47.8 percent five years ago and 48.2 percent 10 years ago.
12. SoCals job recovery: 96 consecutive months of year-over-year job growth dating to October 2010. In this post-recession rebound, 1.15 million jobs were created, or a 2.06 percent annualized hiring pace. Rest of states streak? 99 months creating 1.75 million jobs at a 2.56 percent-a-year hiring pace.