Los Angeles, CA – January 2024 Job Market Report – Hiring Heats Up in Service Industries

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Overview

The January 2024 jobs report for Los Angeles indicates a continuation of the positive trends observed in the latter half of 2023. The unemployment rate dipped slightly to 4.8%, marking a decrease from 5.1% in December 2023. This suggests a tightening labor market, with employers facing some challenges in filling open positions. Job growth was concentrated in service-providing industries, particularly leisure and hospitality, healthcare, and professional and business services.

Highlights

  • The unemployment rate fell to 4.8%, compared to 5.1% in December 2023.
  • Job growth was strongest in service-providing industries.
  • Leisure and hospitality, healthcare, and professional and business services sectors added a significant number of new jobs.
  • Manufacturing and construction industries continued to see slow but steady growth.

What Industries and Occupations Grew

The leisure and hospitality industry led the way in job growth, adding positions in food service, accommodation, and recreation. The healthcare sector also saw significant expansion, with growth in nursing, medical technician, and therapist roles. Professional and business services added jobs in a variety of fields, including accounting, computer and mathematical occupations, and management.

What Industries and Occupations Shrunk

There was minimal job loss across most industries in Los Angeles. However, some retail sectors shed a small number of positions.

Compare to Same Month Last Year

Compared to January 2023, Los Angeles has added a substantial number of jobs, with the growth concentrated in service-providing industries. The unemployment rate has also declined over the past year, indicating a strengthening labor market.

Compare to Previous Month

Job growth in Los Angeles continued the upward trend observed in December 2023. The leisure and hospitality industry, in particular, saw a notable increase in hiring.

Future Outlook

The Los Angeles job market is expected to remain healthy in the coming months. The service sector is projected to continue adding jobs, and there may be opportunities in manufacturing and construction as well. However, some economists warn of a potential national slowdown later in 2024, which could dampen hiring in Los Angeles.

10 Growing Occupations

According to the Bureau of Labor Statistics (BLS), the following occupations are projected to have the fastest employment growth in Los Angeles over the next decade:

  1. Home health aides and personal care aides
  2. Solar photovoltaic installers
  3. Wind turbine service technicians
  4. Registered nurses
  5. Licensed practical nurses
  6. Software developers, applications
  7. Database administrators and data base architects
  8. Medical assistants
  9. Physician assistants
  10. Marketing specialists

10 Companies Hiring Now

Here are just a few of the companies actively recruiting:

  1. Kaiser Permanente
  2. Cedars-Sinai
  3. City of Los Angeles
  4. Northrop Grumman
  5. Amazon
  6. Tesla
  7. Bank of America
  8. JPMorgan Chase
  9. PwC
  10. Ernst & Young

Cited Resources

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