November 22, 2017

California Continues to Boost Employment in October

Pacific Union Chief Economist Selma Hepp examines October's job numbers in California, the Bay Area, and Los Angeles County.

 

  • As highlighted at Pacific Union’s Real Estate and Economic Forecast to 2020 last week, job creation has been a primary driver of Bay Area housing market trends. In October, the Golden State’s solid jobs gain continued with 31,700 jobs added according to the latest numbers from the California Employment Development Department, following a strong addition of 50,300 jobs in September.
  • California’s unemployment rate further declined by 0.2 percentage points to 4.9 percent despite the state’s growing labor force. The labor force increased by 1 percent year over year, which is the fastest annual growth in 2017 in California. The labor-force growth is encouraging, as it suggests that some workers are still encouraged to come to California despite high housing costs. In the first three quarters of 2017, Los Angeles had the largest relative increase in the labor force among the state’s more populous counties, with a 1.5 percent increase or 1.37 million new workers. Napa, San Francisco, and San Mateo counties follow with 0.81 percent, 0.79 percent, and 0.72 percent increases, respectively.
  • While September’s jobs increase was boosted by back-to-school employment, October trends reverted to ones seen earlier in the year, namely growth in the leisure and hospitality and health care sectors.

 

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