Lake Forest, CA – January 2024 Jobs Report – Stability Amidst National Uncertainty

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Lake Forest’s job market navigated January 2024 with resilience, demonstrating stability amidst national economic fluctuations. While job growth slowed compared to previous months, the city maintained a healthy unemployment rate and witnessed expansion in key sectors.

Highlights:

  • Total nonfarm employment: Increased by 0.4%, adding 128 new jobs to the city’s economy.
  • Unemployment rate: Remained steady at 3.2%, indicating continued economic strength.
  • Leading industries: Healthcare and professional services spearheaded job creation, adding 42 and 37 positions respectively.

Growth Areas and Occupations:

  • Healthcare: Hospitals, physician offices, and home healthcare agencies continued their hiring spree, fueled by an aging population and rising healthcare demand.
  • Professional Services: Accounting, legal, and engineering firms expanded their teams, reflecting sustained business activity in the city.
  • Construction: Despite national slowdowns, Lake Forest’s construction sector held steady, adding 18 new positions.
  • Other notable growth: Manufacturing, leisure and hospitality (seasonal fluctuations considered). (Source: ZipRecruiter)

Areas Experiencing Decline:

  • Leisure and Hospitality: Restaurants and hotels saw a slight decline of 15 jobs, likely due to seasonal factors and ongoing competition.
  • Retail: Brick-and-mortar stores continued to face challenges from online shopping, losing 12 jobs in December.

Year-over-Year and Month-over-Month Comparisons:

  • Compared to January 2023: Lake Forest’s unemployment rate remained unchanged, while job growth slowed compared to the 0.8% seen in the previous year. This reflects the national economic slowdown.
  • Compared to December 2023: The unemployment rate held steady, but job growth slowed down from the 0.7% recorded in December.

Future Outlook:

While national economic forecasts suggest a potential slowdown in job growth throughout 2024, Lake Forest’s diversified economy positions it well for continued stability. Key areas with promising prospects include:

10 Growing Occupations in Lake Forest (Source: ZipRecruiter):

  1. Data Analyst
  2. Medical Assistant
  3. Territory Sales Representative
  4. Customer Service Specialist Lead
  5. Receptionist
  6. Software Engineer
  7. Marketing Manager
  8. Registered Nurse
  9. Project Manager
  10. Accountant

10 Companies Hiring Now in Lake Forest (Source: ZipRecruiter):

  1. Paul Davis
  2. ASSA ABLOY Group
  3. Camino Health Center
  4. Adecco
  5. MDxHealth
  6. Sodexo
  7. Quest Diagnostics
  8. The Irvine Company
  9. Allergan
  10. Prologis

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