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OC Unemployment Drops to 2.4% in May

Orange County’s unemployment rate fell to 2.4% in May from a revised 2.7% in April and below the 6.2% rate seen in May last year, according to the state’s Employment Development Department.

The state’s unemployment rate was 3.4% in April while the U.S.’s was 3.4%.

Nonfarm OC employment gained 9,700 jobs from April to May when 1.65 million were employed.

The county remains below the February 2020 pre-pandemic employment level of 1.68 million jobs. The OC economy has added 76,100 jobs since May 2021.

Nine of the 11 industry sectors saw job increases.

For the fourth straight month, leading the job increase was the leisure and hospitality sector, which added 2,200 jobs.

Trade, transportation and utilities added another 2,100 jobs and construction was up 2,000 jobs.

The only sector to contract was professional and business services, down 400 jobs.

About 17.5 million worked in California in April, an increase of 42,900 nonfarm payroll jobs from April and up about 869,300 jobs from a year earlier.

The state has now recovered 93% of the 2.76 million jobs lost in March and April of 2020 due to the pandemic.

Eight of the 11 industry sectors added jobs month-over-month, led by information, with 8,800, particularly in the movie industry. Leisure and hospitality also added 8,800 jobs.

The largest reduction was in trade, transportation and utilities, which fell 3,700, mostly because of declines in general merchandise stores.

People receiving unemployment benefits fell by 15,331 to 330,412, down from 345,743 in April.

 

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Peter J. Brennan
Peter J. Brennan
With four decades of experience in journalism, Peter J. Brennan has built a career that spans diverse news topics and global coverage. From reporting on wars, narcotics trafficking, and natural disasters to analyzing business and financial markets, Peter’s work reflects a commitment to impactful storytelling. Peter’s association with the Orange County Business Journal began in 1997, where he worked until 2000 before moving to Bloomberg News. During his 15 years at Bloomberg, his reporting often influenced financial markets, with headlines and articles moving the market caps of major companies by hundreds of millions of dollars. In 2017, Peter returned to the Orange County Business Journal as Financial Editor, bringing his heavy business industry expertise. Over the years, he advanced to Executive Editor and, in 2024, was named Editor-in-Chief. Peter’s work has been featured in prestigious publications such as The New York Times and The Washington Post, and he has appeared on CNN, CBC, BBC, and Bloomberg TV. A Kiplinger Fellowship recipient at The Ohio State University, he leads the Business Journal with a dedication to uncovering stories that matter and shaping the local business community and beyond.
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