October 18, 2024
Beacon Employment Report | California
Presented by Beacon Economics
Copyright © Beacon Economics LLC
INDUSTRY OVERVIEW
Health Care led growth over the last year, with payrolls expanding by 132,700 or 4.8%. Other sectors posting strong gains over the last year were Government (75,700 or 2.9%), Administrative Support (23,800 or 2.2%), Leisure and Hospitality (22,700 or 1.1%), Transportation, Warehousing, and Utilities (13,900 or 1.7%), and Education (13,900 or 3.4%).
Manufacturing led declines over the last year, with payrolls falling by 28,600, a -2.4% decrease. Other sectors with notable declines over the last year were Information (-18,400 or -3.4%), Wholesale Trade (-3,500 or -0.5%), and Finance and Insurance (-1,600 or -0.3%).
At the industry level, growth was broad based during the latest month, with only a handful of sectors losing payrolls in September. Health Care led gains during the month, with payrolls expanding by 8,900, an increase of 0.3% on a month-over-month basis. In addition, payrolls in Health Care are 15.5% above their pre-pandemic peak, well above the trend among California’s major industries overall.
Other sectors posting strong gains during the month were Government (3,800 or 0.1%), Retail Trade (1,900 or 0.1%), Finance and Insurance (1,800 or 0.4%), Construction (1,400 or 0.2%), Transportation, Warehousing, and Utilities (1,200 or 0.1%), and Real Estate (800 or 0.3%).
Payrolls decreased in a handful of sectors in September. Leisure and Hospitality experienced the largest declines in September, with payrolls falling by -4,400, a drop of -0.2% on a month-over-month basis. Other sectors posting significant declines during the month were Information (-2,400 or -0.5%) and Other Services (-800 or -0.1%).
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