So here it is, mid-January. Talent still is hard to find around the country. Candidates are ghosting when it comes to job interviews and even employees are just leaving their employer without notice.
But that’s nationwide. What’s this year’s job outlook for Southern California? We put on our sleuthing hats to find out.
- More of the same: an absolute candidate market (at least through the 2nd Q 2019).
No surprise there. According to the California EDD (scroll down to the link at “Short-Term Projections: Two-Years” and download the spreadsheet), employment in Orange County from 2nd Quarter 2017 to 2nd Quarter 2019 is projected to grow overall by 3.4 percent (interestingly, self-employment is projected to grow by 4.2 percent). Not every employment sector is going to grow (mining and oil/gas extraction, for example, is projected to fall by 8.5 percent overall), but most are growing. Manufacturing is to grow 1.8 percent; while software publishers are to grow a whopping 13 percent; auto equipment sales and leasing by 6 percent; professional and business services by 3 percent; advertising, PR and marketing by 3.4 percent; professional, scientific and technical services by 4 percent; office administrative services by 6.7 percent; and so on.
(Take a look at the document; it’s fascinating. For example, if you’re looking for work in the “travel arrangement and reservation services,” growth is expected to be 5.6 percent. And this, remember, is in a day when many of us make our own travel arrangements online. So much for the “death of the travel agent”!)
- But that’s statewide. And it’s for mid-2017 through mid-2019. What about in Southern California and in just 2019?
We hear you. It’s a bit trickier to find info/predictions for just Orange and Los Angeles counties, but here’s what we found: we may experience an economic slowdown in late 2019.
If you don’t want to read the link, here’s what it says in a nutshell:
Although the economy is currently operating at full employment and benefiting from the massive tax cut and spending increases, the economic stimulus coming from that combination will likely run out in 2020, and deficits it creates will linger for another decade.
In spite of concerns about the risk of a full-blown trade war with China, the forecast for the U.S. economy is one of growth, albeit slower growth. California remains one of the most prosperous states, with a strong market that is expected to continue to grow.
You’ll notice it says the big growth ends in 2020, but further down the report states the growth “will slow to 2 percent in 2019 and to a near recession at 1 percent in 2020.”
As for California: the state’s growth will slow along with the nation’s but our economy is still expected to grow faster than the country’s as a whole. Here’s the skinny, below:
The total employment growth forecasts for 2018, 2019 and 2020 are 1.7 percent, 1.8 percent and 0.8 percent, respectively. Payrolls are expected to grow by 1.7 percent in 2018, by 1.8 percent in 2019, and by 0.8 percent in 2020. Real personal income growth is forecast to be 2.5 percent, 3.6 percent and 2.9 percent in 2018, 2019 and 2020, respectively. California’s average unemployment rate is expected to have its normal differential to the U.S. rate at 4.2 percent in 2020. Home building will accelerate to about 140,000 units per year by the end of the 2020 forecast.
- Most job growth is in the Inland Empire.
Sorry, OC and LA, but the job growth is greatest due east. Which could be great news if you live there and work west and wish to find a job closer to home. Pay rates are a bit lower, however. For example, Indeed.com reports that the average hourly rate for an administrative assistant in Anaheim is 16.21/hour while in Riverside, it’s $15.28. Yet housing also is less expensive, with the median gross rent in Riverside County hitting $1,212/month, while it’s $1,264 in Los Angeles County and $1,608 in Orange County. (Data is from 2017.)
- Wrapping up.
So things look great for job seekers for at least the next six months and possibly throughout the entire year. After all, slower growth still is growth. But don’t be complacent because often in business, slower growth often means….job cutbacks! And that means the unemployment rate will rise and jobs will be harder to come by.
So if you can:
- Learn new skills.
- Take note of your accomplishments and add them to your resume.
- Work to add value to your employer (don’t just “show up for work,” do the minimum expected of you and then think that you’re “valuable”).
- Grow your professional network.
- Never, ever become complacent. If you’ve never been laid off from a job before, if you’re laid off next year or early in 2020, get ready for potential WEEKS of unemployment. It happens. And to talented, valuable workers. No one is immune.
That’s why it’s a good idea to have a Helpmates recruiter in your professional network. In fact, take a look at our current opportunities, and if one appeals to you, follow the directions to apply. You also can contact the branch office nearest you to register.