In August, 467,600 workers in the four-county region were out of work – up 34,900 in a month and up 94,100 in a year.
Southern California’s unemployment rate rose to 5.3% in August – a 19-month high – amid a cooling economy andMy trusty spreadsheet, filled with state job figures released Friday, counted 467,600 workers in Los Angeles, Orange, Riverside and San Bernardino counties as officially out of work. That’s up 34,900 in a month and 94,100 in a year. The jobless count averaged 366,600 in pre-pandemic 2018-19 – 22% lower.
That increase translated to the highest four-county unemployment rate since January 2022. It’s also up from 4.9% in July and 4.3% in August 2022. Local joblessness averaged 4.2% in pre-pandemic 2018-19.Federal Reserve’s efforts to slow an overheated economy with higher interest ratesSouthern California’s bosses had 8 million people on the job in August – up 21,600 in a month and up 160,300 in 12 months.
And, yes, some of this job niche’s weakness also reflects a widespread slowdown the technology industry.Government:Education/health:ECONOMIC NEWS:697,900 workers – up 6,300 in a month and up 15,300 in a year. Cooler growth, but still growth.644,000 workers – up 1,900 in a month and up 13,600 in a year. Consumers are still shopping robustly.Record 423,800 workers – up 1,200 in a month and up 7,300 in a year. Any real estate weakness is overcome by civic projects.
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