Web Version [link removed] | Update Preferences [link removed] [link removed] California Jobs Report for

January 2024

The Center for Jobs and the Economy has released our full analysis of the January Employment Report from the California Employment Development Department. For additional information and data about the California economy visit www.[[link removed]].

Key Takeaways California's recovery from pandemic-induced job losses is weaker than previously estimated, with the state ranking 4th in job gains behind Texas, Florida, and North Carolina. Job growth remains concentrated in industries depending on public funding, while high-tech employment dropped by 44,400 over the year. Employment has dropped in 7 of the last 8 months, with the unemployment rate rising to 5.2%, the highest since January 2022. California's unemployment rate is the 2nd highest among states and DC, pushing the state further from recovery goals. The UI Trust Fund deficit continues to increase, with California's federal fund debt expanding by $800 million between December 28, 2023, and March 5, 2024. New business formations followed a downward trend in 2023, with spikes at year-end, showing few differences compared to Florida and Texas. Read the Full

Report Online [[link removed]] The California Center for Jobs and the Economy provides an objective and definitive source of information pertaining to job creation and economic trends in California. [[link removed]] Contact 1301 I Street Sacramento, CA 95814 916.553.4093 If you no longer wish to receive these emails, select here to unsubscribe. [link removed]