Job Growth Improving, But Moving at Slow Pace

The latest unemployment figures show encouraging progress for the nation’s economy, but economic analysts say it may take years before progress in the job market becomes noticeable.

Recent figures from the Employment Development Department show the state’s jobless rate decreasing slightly from 8.6 percent in May to 8.5 percent in June. In Los Angeles County, the unemployment rate fell 11.1 percent from the previous year. In the city of Glendora, the jobless rate fell from 5.7 percent in April of 2012 to 5.3 percent in June 2013. Over the year, the number of unemployed in Glendora improved from 1,600 in 2012 to 1,500 in 2013, according to the EDD.

"None of it responds to the breakout growth we would like to see, but it's pretty steady and sustained growth," Robert Kleinhenz, chief economist with The Los Angeles County Economic Development Corp. told 89.3 KPCC.

The comparable estimates for the nation were 7.6 percent in June, 7.6 percent in May and 8.2 percent a year ago.

Total nonfarm employment increased by 200 jobs in Los Angeles County between May and June to reach just more than 3.9 million. The leisure and hospitality sector showed the largest gain, adding 7,000 jobs, while education services lost 7,800 positions, according to the EDD.

Still, Kleinhenz added that job growth would only increase at a rate of 1 percent to 2.5 percent this year and in 2014. 

Increasing home prices also pointed to positive economic growth, with the median price of a Los Angeles County home at $403,760 in June, up from $315,390 in June 2012, according to the Los Angeles-based California Association of Realtors.

However, Kleinhenz said the prices were still well below the levels seen before the Great Recession.

- City News Service contributed to this report. 

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