Unemployment Rate Down In December

LOS ANGELES (CBS/AP) — The seasonally adjusted unemployment rate in Los Angeles County was 7.9 percent in December, down slightly from a revised 8 percent in November, according to the Employment Development Department.

The 7.9 percent rate was well below the 9.2 percent rate from December 2013.

In Orange County, where seasonally adjusted numbers were not available, the unemployment rate was 4.4 percent, down from 5 percent in November.

The seasonally adjusted unemployment rate for California was 7 percent in December, down from 7.2 percent in November and below the 8.3 percent rate in December 2013. The comparable estimates for the nation were 5.6 percent in December, 5.8 percent in November and 6.7 percent a year ago.

Job gains were made in areas such as trade and transportation, financial activities, educational and health services, hospitality and government, but were offset by major losses in construction, information, and professional, business and other services, according to the EDD.

When the swings in the number of jobs created month-by-month are evened out, the state had roughly a net gain of 26,000 jobs per month in 2014, said Michael Bernick, a former department director who is now a fellow at the Milken Institute.

"This is healthier job growth than we have seen since the early 2000s, and more in line with what we can expect in 2015," Bernick said. But he noted that a far higher percentage of those new jobs are part-time.

According to the EDD, total nonfarm employment increased in Los Angeles County by 7,300 jobs between November and December to reach more than 4.2 million.

The trade, transportation and utilities sector posted the largest month-over-month gain, adding 7,600 jobs.

About 396,000 people were unemployed in December in Los Angeles County, which has a workforce of about 5 million.

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