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LA Job Growth To Continue In 2017
The labor market in Los Angeles County continues to improve. Nonfarm payroll employment in the County grew 1.6% between October 2015 and October 2016. This may seem modest when compared to regions such as Orange County (2.5%), San Francisco (2.4%), and Santa Clara County (3.3%). However, Los Angeles County remains the largest contributor of new jobs in California, adding 70,100 positions year-over-year. Orange County’s increase of 39,100 jobs year-over-year was the second largest in the state. Overall, Los Angeles County accounted for 18% of the new nonfarm jobs added in California between October 2015 and October 2016.
Continued improvements in the local economy have drawn more people into the County’s labor force, which grew 3% from October 2015 to October 2016. At the same time, the unemployment rate fell 1 percentage point to 5.1% . This means that although the Los Angeles County labor force is growing, a greater proportion of people are able to find gainful employment. As it stands, the Los Angeles County labor market is among the tightest in California. Although the unemployment rate is a bit higher than in Orange County (4.0%), San Francisco (3.2%), and Santa Clara County (3.8%), it is lower than the unemployment rate in the state as a whole (5.5%).
The Education and Health Care sector led local job gains over the past year, with payroll employment increasing by 24,601 positions between October 2015 and October 2016. During the same period, Leisure and Hospitality sector employment grew 2.6%, adding 13,132 jobs in the County. The growth in Leisure and Hospitality is no surprise, since local household finances have...