Thursday, November 9, 2017
Los Angeles County is projected to add 133,000 jobs over the next five years, led by health services and administrative support jobs, according to a report to be issued Thursday.
The report by the Los Angeles County Economic Development Corp. for the Southern California Association of Governments’ annual economic summit on Thursday, projects that by 2021, the county will have nearly 4.6 million nonfarm payroll jobs, up from today’s 4.4 million. But the job growth rate is projected to be quite modest at 0.7 percent, well under the average annual growth rate of the past five years of between 1 and 2 percent.
“As unemployment decreases, the labor market tightens which slows down job growth,” LAEDC economist Somjita Mitra said in an email. “We are seeing positive job growth which means we are still headed in the right direction.
But the report said the greatest growth in jobs will take place in the low-skill, low-wage sectors such as restaurant servers/baristas or retail clerks. More than half of the job openings will require a high school diploma or less and will pay median wages of less than $30,000 a year.