Southern California unemployment dips to 5.2% as jobs hit record high
Southern California unemployment fell to a seven-month low at 2024’s end as bosses reported record-high staffing.
My trusty spreadsheet, filled with new state job figures that aren’t adjusted for seasonal swings, found that the four-county unemployment rate was 5.2% in December, down from 5.4% in November and the lowest since May.
However, unemployment is rising when viewed through a longer lens. This survey of workers showed combined joblessness in Los Angeles, Orange, Riverside and San Bernardino counties was 4.8% in December 2023 and averaged 4.7% in pre-pandemic 2015-19.
In December, 454,300 people were officially out of work in the four counties, up 38,900 from the previous year and 7% above the pre-pandemic 2015-19 average.
Hiring pace
Job counts from a survey of Southern California bosses also showed a mixed message.
The region had a record 8.12 million people at work in December, up 7,200 from the previous month and 79,300 from the last 12 months.
But local hiring averaged 14,600 in December in 2015-19, which was twice as fast as 2024’s finish.
And, yes, 2024’s job growth of 1% was twice 2023’s 0.5% increase, but it’s also more than half the 2.2% growth throughout 2015-19.
Regional differences
Here’s how the job market performed in the region’s key metropolitan areas, ranked by December’s unemployment rate …
Los Angeles County: 5.7% unemployment in December vs. 5.9% a year ago and 5.2% average in 2015-19. Record-high 4.66 million workers, after adding 11,400 in a month and growing by 45,600 in a year. December hires averaged 12,400 in 2015-19.
Inland Empire: 4.9% unemployment in December vs. 5.3% a month earlier; 5.5% a year ago; and 5.2% average in 2015-19. Bosses had 1.74 million workers, after dropping 900 in a month and growing by 22,800 in a year. December hires averaged 1,940 in 2015-19.
Orange County: 3.8% unemployment in December vs. 4% a month earlier; 4.2% a year ago; and 3.6% average in 2015-19. Bosses had 1.72 million workers, after dropping 3,300 in a month and growing by 10,900 in a year. December hires averaged 300 in 2015-19.
Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at jlansner@scng.com