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While January 2017 employment figures indicate that the pace of regional employment growth has slowed in the South Bay, the region still remains ahead of the state. Between January 2016 and January 2017, the South Bay added 24,600 jobs, representing a 2.3% year-over-year rate of growth, compared to 2.0% in California as a whole.
Another sign of strength is that the South Bay’s unemployment rate has been trending downward, reaching a decade-long low of 3.6% in November 2016. While the drop off of seasonal jobs nudged the local unemployment rate up to 3.7% in January 2017, this still represented a 0.2 percentage point decrease year-over-year, and occurred even as 10,000 job seekers entered the South Bay labor force.
Unsurprisingly, the largest contributor to employment gains over the last year was the...