California's job market in 2024 revealed underlying issues despite a nominal increase in staffing. Although 131,000 new jobs were added, this marked a 15% slowdown from 2023 and was the least growth since 2010, well below the historical average. Interestingly, layoffs decreased to the sixth-lowest level in 24 years, highlighting a dichotomy in employment trends: while job creation slowed, the rate of job loss fell. The real concern lies in a notable 8% decline in new hires, indicating a managerial reluctance to expand workforce amid economic uncertainties.
2024 saw California bosses grow staffing by 131,000 workers, marking a 15% slower job creation rate than in 2023, the worst since 2010.
Despite the headlines on cuts, California's layoffs in 2024 were relatively low, at the sixth-lowest level in 24 years, down 1% from 2023.
However, the striking issue in California's job market is the falling number of new hires, which decreased by 8% from 2023, showing a reluctance to expand.
Historically, California's 2024 job growth fell 15% below the average since 2000, reflecting a significant slowdown in employment growth.
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