The barely perceptible 100 new hires was a steep drop from the average 23,400 workers added monthly in the past year.
Southern California’s bosses essentially stopped hiring in August, boosting employment across the region by only 100 positions., found 7.87 million at work in Los Angeles, Orange, Riverside and San Bernardino counties. The barely perceptible new hires were a steep drop from the average 23,400 workers added monthly in the past year as the economy emerged from its coronavirus chill.
Hiring’s decline is not totally surprising as the Federal Reserve tries to cool an overheated U.S. economy. Nationally, 315,000 jobs were added in August vs. a 487,000 monthly pace in the previous year.The dismal local job news could serve as a wake-up call. Inflation, for example, has been a painful hit to the wallet but so far not a Southern California growth blocker.
Southern California’s unemployment rate didn’t budge. It was 4.4% in August, the same as July, and half the 8.1% of a year earlier. The 383,900 workers officially counted as out of work were 8% above that of February 2020, so the region is still short of full recovery.
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