Southern California unemployment slumped to an 11-month high in July as the local job market hit its summer slowdown.
My trusty spreadsheet, filled with state job figures released Friday, Aug. 15, found the four-county unemployment rate was 6.1% in July. The data is not adjusted for seasonal swings.
Joblessness in the region is at its highest since August 2024 after increasing from 5.7% in the previous month. But it was also equal to the rate of July 2024.
By the way, a typical July had 6.7% unemployment since 2010, as measured by the median rate – the midpoint value of all months.
In July, Southern California had 545,300 counted as officially out of work — up 40,200 in a month but down 900 in a year. The monthly jobless count is 8% above the 505,100 median since 2010.
A cooling job market is a challenge for folks seeking a paycheck.
Last month saw 7.95 million at work in Los Angeles, Orange, Riverside and San Bernardino counties. That’s down 48,900 in the month due to a seasonal dip, primarily educators on summer break.
It’s a modest drop. Since 2010, 64,300 positions have been typically cut between June and July.
Yet looking over the past 12 months, you see bosses’ reluctance to hire as economic uncertainty grows. The new administration’s unorthodox business policies — plus questions about the Federal Reserve’s interest-rate thinking — have unnerved many business owners and corporate executives.
Jobs across the region grew by 55,000 from July 2024. That’s slower than the 73,100 workers added in the previous 12 months and 104,300 workers added annually since 2010.
Or ponder the slowdown this way: The past year’s added workers equals a growth rate of 0.7%. That’s slower than the previous 12 months’ 0.9% increase and the 1.5% annual pace of the last 16 years.
Ponder the region’s three local job markets:
Los Angeles County: Unemployment? 6.4% for July vs. 5.9% a month earlier, 6.7% a year ago, and a 6.1% median rate since 2010. Jobs? 4.57 million, after dropping 30,700 in a month but growing by 33,500 in a year.
Orange County: Unemployment? 4.8% vs. 4.5% a month earlier, 4.5% a year ago and 4.3% median since 2010. Jobs? 1.69 million, after dropping 7,600 in a month but growing by 4,500 in a year.
Inland Empire: Unemployment? 6.4% vs. 6% in June and a year ago. Median rate? 6.2% since 2010. Jobs? 1.69 million, after dropping 10,600 in a month but growing by 17,000 in a year.
Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at jlansner@scng.com