It is no secret that unemployment rates offer a great deal of information in terms of understanding the general economic health of a region or state. Fortunately for those who are living in California and in Los Angeles County, the unemployment rate is dropping as the region’s economy continues to grow stronger.

Los Angeles County Unemployment Rate

According to the California Employment Development Department, the seasonally adjusted unemployment rate for Los Angeles County fell by 5.4 percent in March when compared to the revised rate of 5.6 percent in February. These figures also represent a 7.4 percent drop when compared to March of last year. Meanwhile, the civilian labor force increased by 7,000 to 5 million in March while civilian employment increased by 20,000 to 4.7 million during this same timespan. At the same time, unemployment declined by 14,000 to 268,000. Overall, the unemployment rate for the area was 5 percent in March before being adjusted for seasonal fluctuations.

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In terms of non-farm employment in Los Angeles County, the area saw an increase of 12,800 from February to March reaching 4.3 million jobs. When comparing year-over-year data for March, non-farm employment increased by 2.3 percent to 97,700 in Los Angeles County.

Overall, government jobs saw the largest month-over-month gains with an addition of 5,800 jobs, with 5,300 being in local government and 600 being in state government. Federal government payroll employment, however was down by 100. The leisure and hospitality sector experienced the second-highest month-over-month gains in employment with 3,400 jobs added. 3,100 of these were in the accommodation and food services area while around 300 were in the arts, entertainment and recreation area.

Other areas with gains included manufacturing with 2,100 jobs added, educational and health services with 2,100 jobs added and information with around 1,000 jobs added. Other services saw an increase of 800 while financial activities increased by 600.

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On the other end of the spectrum, the professional and business services sector saw a decrease of 2,100 while the construction sector experienced a reduction of 600 registered jobs. Trade, transportation and utilities dropped by 200 while mining and logging decreased by 100.

California and National Unemployment Rate

For the entire state of California, the seasonally adjusted unemployment rate was 5.4 percent for the month of March. This is slightly lower than the 5.5 percent unemployment rate that was recorded in February and much lower than the 6.6 percent that was recorded for March in 2015.

On the national level, unemployment rates reached 5 percent in March. While this represents a small increase from the 4.9 percent posted in February, it is down from the 5.5 percent registered in March of last year.

Are you interested in learning more about Southern California? If you would like to gain a better understanding of the region’s economy, market and real estate, contact our team of luxury real estate experts. We specialize in high-end properties in Southern California’s most exclusive communities.

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(all data current as of 11/20/2017)

Listing information deemed reliable but not guaranteed. Read full disclaimer.