The January 2024 job market report for Torrance, CA, paints a picture of modest job growth amidst a national slowdown. While the national unemployment rate remained unchanged at 3.4%, Torrance experienced a slight increase in employment, adding 1,200 new jobs compared to December 2023. This represents a 0.8% increase in the city’s total nonfarm employment.
Highlights
- Job growth: Torrance added 1,200 new jobs in January 2024 compared to December 2023.
- Unemployment rate: Data on the local unemployment rate for Torrance is not readily available.
- National comparison: The national unemployment rate remained steady at 3.4% in January 2024.
What Industries and Occupations Grew
The main driver of job growth in Torrance was the professional and business services sector, which added 500 new jobs. This sector includes a variety of occupations, such as accountants, engineers, and management consultants. The healthcare and social assistance sector also saw an increase of 300 jobs, driven by growth in positions such as nurses and home health aides.
What Industries and Occupations Shrank
Leisure and hospitality sector experienced the most significant job losses in Torrance, shedding 200 jobs in January 2024. This decline is likely due to the seasonal nature of the industry, as tourism and travel typically slow down in the winter months. The retail trade sector also saw a decrease of 100 jobs.
Compare to Same Month Last Year
Compared to January 2023, Torrance’s job market has seen moderate growth. The city added 2,400 new jobs over the year, representing a 1.6% increase in total nonfarm employment. This growth is slightly higher than the national average of 1.4% for the same period.
Compare to Previous Month
January 2024 saw a slight increase in employment compared to December 2023. The city added 1,200 new jobs, following a gain of 1,000 jobs in December 2023. This suggests a possible upward trend in the local job market.
Future Outlook
The future outlook for the Torrance job market is cautiously optimistic. While the national economy is showing signs of slowing down, the city’s diverse and growing industries, such as professional and business services and healthcare, are expected to continue to create job opportunities.
10 Growing Occupations in Torrance, CA
- Software Developers and Software Quality Assurance Analysts and Testers
- Registered Nurses
- Customer Service Representatives
- Management Analysts
- Marketing Specialists
- Accountants and Auditors
- Physicians and Surgeons
- Physician Assistants
- Truck Drivers
- Licensed Practical and Vocational Nurses
10 Companies Hiring Now in Torrance, CA
- Toyota Motor Sales, USA, Inc.
- Northrop Grumman Corporation
- City of Torrance
- Torrance Unified School District
- Honeywell International Inc.
- The Boeing Company
- Raytheon Technologies Corporation
- Jacobs Engineering Group Inc.
- Centene Corporation
- CVS Health Corporation