California Adds Over 50,000 Jobs In Two Months
California's robust labor market expansion isn’t slowing. The state added 80,600 jobs in July – a major jump over the 23,600 jobs added in June and bringing the state’s two month average to just over 51,000 positions. Over the past year, nonfarm jobs in California have expanded by 3.2%, compared to 2.1% growth in the nation overall.
“This is the third straight year of 3%+ growth in California, making the state the third fastest growing economy in the entire nation since 2012, behind only Utah and Nevada,” said Christopher Thornberg, Founding Partner of Beacon Economics. “This may come as a bit of a shock to many business climate advocates who had written the state off.”
California’s unemployment rate also declined last month – falling to 6.2%. Regionally, one of the biggest movers was Los Angeles (MD), where the unemployment rate fell to 7.1%, a 0.3 percentage point decline over the previous month. Some of the drop in the unemployment rate can be attributed to a decline in the state’s labor force, which fell by 3,400 in the most recent numbers. However, Beacon Economics cautions against putting too much stock into any single month due to this data series’ historic volatility.
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