Web Version [link removed] | Update Preferences [link removed] [link removed] California Jobs Report for
February 2024
The Center for Jobs and the Economy has released our full analysis of the February Employment Report from the California Employment Development Department. With California now posting the highest unemployment rate in the nation, this report focuses specifically on unemployment data to provide crucial insights into the state of employment in California. For additional information and data about the California economy visit www.[[link removed]].
Key Takeaways California's Unemployment Rate: California's unemployment rate reached 5.3% in February, the highest in the nation and the highest in California since December 2021. Total number of unemployed surpassed projections made for the budget by Department of Finance by 7%, adding further strain to a state budget already facing multi-year deficits due to high spending. Unemployment Trends: Since August 2022, California's unemployment rate has risen steadily while post-pandemic job growth remains behind Florida, North Carolina, and Texas. Since August 2022, California number of unemployed has grown by 304,200, or just under two-thirds of the 475,000 total increase experienced by the nation as a whole in that period. Demographic Impact on Unemployment: Workers with lower education levels, younger individuals, Latinos, African-Americans, and men are disproportionately affected by unemployment, highlighting the need to reconsider policies holding back job creation for these demographics. Employment Dynamics & Unemployment: California's job openings rate has declined steadily, impacting the potential for future jobs expansion as employers, especially in the tech industry, pull back on expansion plans. Unlike the US overall and the better-performing states, the demand for workers has fallen below the supply since last fall, resulting in the rising number of unemployed. Effects of Job Growth Structure on Unemployment: Job losses in California's high-tech sector continue to grow, while all net new jobs created over the past year came only from industries fully or partially dependent on public funding: government, health care, and social assistance. As the windfall tax revenues from high tech supporting those jobs recede, future job trends will become determined more by the cost and regulatory restrictions affecting the rest of the traditional industries in the state’s economy. 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]
