You see it every day. Not just in L.A. and San Fran, but businesses are closing and moving out of State or just closing. Productive people fleeing the State, replaced by criminals from foreign countries. That adds to the cost of cost while lowering tax revenues. California has a $73 billion deficit and Sacramento Dems are willing to make a $2.1 billion cut and manipulate the numbers to pretend a mandated balanced budget.
“In January, 482,700 Southern Californians were counted as officially out of work, up 67,300 in a month and up 81,200 in a year. The January jobless count is 14% above the 424,700 average of pre-pandemic 2015-19.
Bosses in Los Angeles, Orange, Riverside and San Bernardino counties had 7.91 million at work in January – down 127,200 in a month. Note that an average January had a 140,600 job decline in 2015-19.”
Wait a couple of weeks, till April 1 and see massive job cuts in the fast food industry due to the State takeover of wages, benefits and working conditions—the State taking over the running of the businesses, while investors take the losses—a McDonald franchise will pay an extra $250,000 a year—will you will be able to afford a quarter pounder?
California unemployment hits 5.3%, highest in 2 years
7.9 million at work in January – down 127,200 in a month
By JONATHAN LANSNER, Orange County Register, 3/16/24 https://www.ocregister.com/2024/03/16/southern-california-unemployment-hits-5-3-highest-in-2-years/
My trusty spreadsheet, filled with state job figures, found the four-county unemployment rate was 5.3% in January compared with 4.6% in the previous month, and 4.5% a year earlier. Joblessness was last higher in January 2022 and averaged 4.7% in pre-pandemic 2015-19.
The start of the year often sees unemployment rise as holiday hires turn into New Year’s cuts. The four-county unemployment rate, for example, averaged a half-percentage-point jump in 2015-19.
In January, 482,700 Southern Californians were counted as officially out of work, up 67,300 in a month and up 81,200 in a year. The January jobless count is 14% above the 424,700 average of pre-pandemic 2015-19.
Bosses in Los Angeles, Orange, Riverside and San Bernardino counties had 7.91 million at work in January – down 127,200 in a month. Note that an average January had a 140,600 job decline in 2015-19.
Local employment is up 76,400 in 12 months. That equals job growth of 1%, a significant slowing vs. the previous 12 months’ 2.2% increase and an average 2.2% average hiring pace in 2015-19.
Industry swings
Note job changes in key Southern California business sectors, ranked by one-month change – large cuts in industries tied to holiday shopping and the seasonal tourism rush …
Financial: 358,900 workers – down 2,300 in a month and down 2,700 in a year.
Education/health: 1.51 million workers – down 4,000 in a month but up 91,500 in a year.
Manufacturing: 569,700 workers – down 4,200 in a month and down 6,300 in a year.
Government: 1.02 million workers – down 5,500 in a month but up 26,900 in a year.
Information: 213,900 workers – down 5,600 in a month and down 41,800 in a year.
Construction: 367,900 workers – down 9,900 in a month but up 14,000 in a year.
Professional-business services: 1.12 million workers – down 20,600 in a month and down 19,600 in a year.
Transport-Warehouse-Utility: 688,500 workers – down 21,600 in a month and down 8,000 in a year.
Leisure/hospitality: 929,400 workers – down 26,500 in a month but up 12,200 in a year.
Retailing: 737,300 workers – down 28,500 in a month but up 1,200 in a year.
Regional differences
Here’s how the job market performed in the region’s key metropolitan areas …
Los Angeles County: 4.54 million workers, after dropping 70,200 in a month and declining by 24,100 in a year. Cuts averaged 87,800 for January in 2015-19. Unemployment? 5.9% vs. 5% a month earlier; 5.1% a year ago; and 5.2% average in 2015-19.
Orange County: 1.68 million workers, after dropping 24,700 in a month and growing by 28,600 in a year. Cuts averaged 28,280 for January in 2015-19. Unemployment? 4.2% vs. 3.8% a month earlier; 3.4% a year ago; and 3.6% average in 2015-19.
Inland Empire: 1.69 million workers, after dropping 32,300 in a month and growing by 23,700 in a year. Cuts averaged 24,540 for the month in 2015-19. Unemployment? 5.5% vs. 5% a month earlier; 4.4% a year ago; and 5.2% average in 2015-19.
