Dr. Christopher Thornberg 2016-01-07 03:16:52
Continuing a strong year, Inland Southern California added another 4,600 jobs in November on a seasonally adjusted basis. This increase builds on the 7,400 nonfarm positions added in October. More importantly,the most recent jump puts Inland Southern California at the top of the list for the most jobs added in asingle region in California in November. In addition, Inland Southern California’s unemployment rate fell to 6.1% in the latest numbers, comparedto a 6.2% unemployment rate in October and a 7.6% unemployment rate in November 2014. It should be noted that part of the improvement over the last month is due to a decline in Inland Southern California’slabor force, which fell by 400 in November. Still, despite this work force contraction, 2,000 more Inland Southern California residents found work last month, suggesting that the declining unemployment rate isbeing driven by improved opportunities for local residents. For the year overall, Inland Southern California has been one of the state’s leading growth areas. In percentageterms, Inland Southern California (+4.6%) has been the 5th fastest growing region in the state, andin absolute terms only trails San Francisco (MD) and Los Angeles (MD). Moreover, payroll employment (+4.6%) is outpacing household employment (+2.6%) for the year, indicating that ample job opportunitiesare being created locally. The Center for Economic Forecasting and Development cautions against reading too much into any single month’s numbers, especially near year’s end. EDD data is derived from sample-based estimates and may be revised up or down in subsequent months. Nevertheless, this month’s employment estimates are another indication that the local inland economy is continuing to expand. Key Points • Job growth was spread across a wide range of industries in November with both higher- and lowerwage categories experiencing increases. Leading the way was the Leisure and Hospitality sector, which increased payrolls by 2,200 positions. • The Transportation, Warehouse, and Utilities sector also experienced solid gains, as payrolls increased by 1,800 during the month. The Professional, Scientific, and Technical Services sector grew their payrolls significantly over the month, adding 1,200 jobs. These sectors are a major source of solid middleand higher-wage jobs for local residents. • The Manufacturing sector was another bright spot in Inland Southern California, increasing payrolls by 400 positions for the month. For the year overall, the sector has added 4,900 jobs (+5.4%). Similarly, the Government sector has continued its positive trajectory for the year, adding another 700 positions in November. • Despite widespread growth, several sectors, some industries in Inland Southern California did see jobs losses in November. Employment levels in the Construction and Health Care sectors both declined in November, with payrolls falling by 1,400 and 1,300 positions, respectively. Still, for the year overall, these sectors have experienced positive growth. Construction in particular has had a solid year, increasing payrolls by 6,800 positions (+8.7%). • In percentage terms, the two fastest growing sectors in the region last month were the Professional, Scientific, and Technical Services sector (+2.7%) and the Transportation, Warehouse, and Utilities sector (1.9%). On the flip side, the two sectors posting the largest declines in percentage terms were the Natural Resources and Mining sector (-6.6%) and the Construction sector (-1.6%).
Published by Moreno Valley Business Journal. View All Articles.