LAEDC tracks a range of economic indicators for LA County and the broader region. For a more complete look at LAEDC’s 2020 economic forecast, you can view the latest report HERE. Also, California EDD publishes monthly updates on job growth in LA County, HERE, but pro tip — be aware that “seasonally unadjusted” numbers can be a bit misleading. In February, please attend the LAEDC Annual Economic Forecast event, which will be 2/17/21 at 8:30am.
Unemployment rate: The California EDD publishes the LA County “headline” or U-3 unemployment rate on a monthly basis. However, the Bureau of Labor Statistics (BLS) offers a more insightful “U-6” datapoint for LA County unemployment including those who are unemployed, discouraged workers who have quit looking for a job, and part-time workers who are seeking full-time employment. The U-6 unemployment rate shows a significantly higher percentage of workers is impacted. Structural changes in the economy are a major reason. For example, it is more often difficult to describe being “employed” due to app-based job/task engagements, contract work of various kinds, and other trends affecting the nature of work. Also, there is a substantial portion of the population that considers itself underemployed. By studying U-6, our region may develop better public policy proposals and approach workforce development differently. (U-6 source: https://www.bls.gov/lau/stalt.htm)
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Economic Growth (GCP):
Median Household Income:
Personal Income Growth Rate: