Web Version [link removed] | Update Preferences [link removed] [link removed] California Jobs Report for
March 2024
The Center for Jobs and the Economy has released our full analysis of the March Employment Report from the California Employment Development Department. For additional information and data about the California economy visit www.centerforjobs.org/ca [[link removed].].
Key Takeaways California's Unemployment Rate: California continues to hold the highest unemployment rate among the states and DC, reaching 5.3% in March 2024, the highest since December 2021 and higher than Department of Finance's forecast of 4.9% for this period. Despite a modest 0.5% growth in the labor force since early 2023, employment has dropped by 104,200 jobs since last July. Job Market Challenges: The number of unemployed individuals has risen sharply by 20.4% since early 2023. Employer hiring plans remain largely unchanged at an average of 800,000 unfilled job openings over the past 4 months—translating to 0.8 jobs per unemployed in contrast to the general labor shortage conditions that continue in the other states. Unemployment Insurance Claims: California accounts for a significant portion of national unemployment insurance claims, with 21% of initial claims and 22% of insured unemployment, exacerbating the strain on the state's unemployment insurance fund. This mounting debt, ignored in state budget planning, is on track to exceed $20.8 billion by the end of 2024. Impact on State Budget and Jobs Growth: The state's reliance on high-tech growth sectors, which have been hit by layoffs, has masked the broader employment challenges stemming from California's regulatory environment. Job growth has primarily been fueled by public funding-dependent industries, such as government and healthcare, while other private sectors have experienced declines. Challenges in sustaining job growth persist as the state grapples with reduced revenues. 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]
