8 million jobs in Southern California set new record – Daily Bulletin

The Southern California job market hit record levels of employment in October, bucking Federal Reserve efforts to cool an overheated economy with steep interest rate hikes.

My trusty spreadsheet, filled with state job numbers released Friday, found that bosses in Los Angeles, Orange, Riverside and San Bernardino counties hired 109,200 new employees in October — the best month for hiring since February 2021. So A total of 8 million people were employed in the region, up 360,300 in 12 months, surpassing the 7.953 million high of November 2019.

October also marks the first time Southern California jobs topped February 2020 levels, the last month before COVID-19 turned the economy upside down. The nationwide job market also made a “full recovery” in October, erasing 2.6 million job losses as the pandemic crippled the economy.

The local hiring pace in October was faster than the average 30,025 new employees added monthly last year. Record employment was set in October in the mass transit/warehousing, business services and healthcare/personal services industries.

Note that October is usually busy with hiring as educators return to classrooms and holiday shopping begins. Between 2105 and 2019, an average of 92,200 jobs were created in the region in October.

The job recovery kept Southern California’s unemployment rate at a low 4% in October, the same as in September. A year earlier it was 6.4% and in February 2020, just before the pandemic broke out, it was 3.9%.

Regional differences

This is how the labor market has developed in the most important metropolitan areas in the region…

Los Angeles County: 4.61 million workers, 99.8% from February 2020, after adding 58,800 in one month and growing by 196,600 in one year. Unemployment? 4.5% – as in the previous month; 6.2% a year ago; 4.3% in February 2020.

Orange County: 1.69 million workers, up 100.5% from February 2020, after adding 22,800 in a month and growing by 77,600 in a year. Unemployment? 2.8% vs. 2.7% in the previous month; 4.1% a year ago; 2.8% in February 2020.

Domestic Empire: Record 1.69 million workers, up 107% from February 2020 after adding 27,600 in a month and growing by 86,100 in a year. Unemployment? 3.9% – as in the previous month; 5.4% a year ago; 3.9% in February 2020.

Uneven rebound

The recovery in hiring during the pandemic has not been a smooth reversal, with wide disparities in employment recovery in key job niches. Look at the number of workers in four counties by key industry, ranked by the size of the recovery during the pandemic…