A Year in Review Job Growth and Labor Force Participation
The persistent labor shortage carried through the first half of 2023 when the national unemployment rate was 3.5% in March and 3.6% in June – record lows by any standard. Los Angeles came in at 5.3% and Orange County 3.4% at the end of Q1, then dipped even further to 4.8% and an absolute rock-bottom 3.2% respectively in June. Even as the Federal Reserve aggressively raised rates to tame inflation, the job market remained incredibly hot with decades-low unemployment levels. People were reentering the labor market, but we were still below pre-pandemic levels: Simply, there were more jobs than qualified people.
8 Financial Salary Guide & Employment Outlook 2024
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