Southern California bosses added 141,000 jobs in October however ongoing pandemic-linked enterprise limitations go away the area 639,300 staff in need of pre-coronavirus employment.
My trusty spreadsheet, full of state job figures launched Friday, discovered native bosses had 7.22 million workers final month within the 4 counties coated by the Southern California Information Group. This staffing degree, derived from a survey of employers, was up 2% from September. The area’s job rely remains to be solely 92% of employment in February, the final time the financial system was untethered by the virus.
The area’s jobless charge for October was 10.5% vs. a revised 12.9% the earlier month and 4.1% in February. Jobless figures come from a survey of households. Word: The area noticed joblessness peak at 12.9% in the course of the Nice Recession.
Southern California’s financial system has been throttled by efforts to sluggish the unfold of coronavirus. Latest makes an attempt to reopen the financial system have been adopted by surging coronavirus infections and deaths. This week, Gov. Gavin Newsom carried out stricter enterprise limitations and a partial curfew to battle the virus’ resurgence.
“The chance that extra companies will be unable to carry on rises, establishing a state of affairs the place the connection between companies and staff is destroyed, which is what occurs in recessions,” mentioned economist Mark Schniepp of the California Financial Forecast. “Financial forecasts haven’t essentially integrated a backward motion in financial openings. Consequently, to the extent that California and different states expertise widespread and significant reversals, the outlook for 2021 grows extra pessimistic, and the possibility of a W-shaped restoration — one other decline in development — clearly rises.”
Right here’s how employment fared in some industries within the area hard-hit by coronavirus challenges … October in Southern California …
Retailing: 709,300 jobs in August — that’s up 15,300 in a month and down 36,800 from February. That places staffing at 95% of what it was earlier than coronavirus hit.
Eating places: 524,900 jobs — up 16,800 in a month and down 159,000 from February, or 77% of pre-pandemic employment.
Inns: 56,400 jobs — up 1,500 in a month and down 36,500 from February, or 61% of pre-pandemic employment.
Arts, leisure and recreation: 118,100 jobs — up 15,300 in a month and down 51,300 from February, or 70% of pre-pandemic employment.
Hiring developments in different key SoCal job classes …
Actual property, building, finance: 487,200 jobs — up 7,100 in a month and down 8,600 from February, or 98% of pre-pandemic employment.
Transportation/warehouses: 366,400 jobs — up 6,800 in a month and down 8,300 from February, or 98% of pre-pandemic employment.
Enterprise providers: 1,070,100 jobs — up 19,800 in a month and down 59,600 from February, or 95% of pre-pandemic employment.
Manufacturing: 547,000 jobs — down 400 in a month and down 47,100 from February, or 92% of pre-pandemic employment.
Authorities: 982,800 jobs — up 14,400 in a month and down 53,100 from February, or 95% of pre-pandemic employment.
And employment by geographic slices …
Los Angeles County: 79,100 jobs added final month to 4.23 million — however 91% of February. Unemployment? 12.1% vs. 15.3% the earlier month and 4.6% in February.
Orange County: 34,100 jobs added final month to 1.54 million — however 92% of February. Unemployment? 7.5% vs. 8.9% the earlier month and a pair of.8% in February.
Riverside and San Bernardino counties: 27,800 jobs added final month to 1.45 million — however 93% of February. Unemployment? 9.0% vs. 10.2% the earlier month and 5.2% in February.