Market Update:

Local hiring activity has continued to increase at a moderate pace in the second quarter. Although the local unemployment rate remains stubbornly high at 8.1 percent, local employers remain modestly optimistic – adding 13,100 jobs to their payrolls in March. In prior post-recession recovery cycles, hiring activity was strong enough to drive down unemployment rates in a more convincing manner. Nevertheless, the growth trajectory for local hiring activity looks increasingly better, with economists projecting 20,500 new jobs by the end of the year, an increase of 1.5 percent. Barring any forthcoming distractions caused by Europe’s financial woes or tensions in the Middle East, Orange County is expected to see hiring activity increase by 2.1 percent in 2013.