(Mark Your Calendars: RealShare REAL ESTATE 2012, March 22nd in Los Angeles).
LOS ANGELES-As GlobeSt.com previously reported, the US economy as a whole added 200,000 jobs in December, according to the labor statistics, causing the unemployment rate to drop to 8.5% from a revised 8.7%. The Labor Department also revised the jobs added to the economy in November down from 120,000 to 100,000.
In California, 6,600 jobs were added for the month of November, and the unemployment rate dropped from 11.7% to 11.3%. According to a recent report issued by Beacon Economics the California numbers indicate a renewed confidence going forward in the job market. While the total gain of 6,600 jobs is relatively weak, says Beacon Economics, the number is being affected, in large part, by only one sector: professional and business services.
According to the firm, “Over the past year, the trend in the industry has been one of growth.” Since November of 2010, the sector has added more jobs that any other industry in the state, says the firm.
Aside from professional and business services, other strong industries, according to the firm, include: education and health; trade; transportation and utilities; and leisure and hospitality. The only sector with losses was manufacturing, says Beacon Economics, which declined by 100 jobs, which the firms says is “a small number.”
In terms of geography, San Jose and San Diego continued to lead the state’s recovery, says the firm. Los Angeles and San Francisco both saw declines, while Sacramento saw decent growth. The Inland Empire added 2,900 new positions, and since June, and has added more jobs (25,900) than any other part of the state, says Beacon Economics. “As one of the last places to join the recovery, Riverside and San Bernardino Counties have come back with a vengeance, making up for much of the lackluster hiring of the past year.”
Across the board, in every region, the unemployment rate came down, says the firm’s report. “Moreover, the drop has occurred despite labor force increases. This means the unemployment rate is genuinely improving as a result of real improvements in the economy—something that bodes well for future conditions.”
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
