Web Version [link removed] | Update Preferences [link removed] [link removed] California Jobs Report for
April 2024
The Center for Jobs and the Economy has released our full analysis of the April 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 Economic Slowdown and Budget Concerns: The Department of Finance forecasts slow employment growth throughout 2024, projecting levels well below those seen before the pandemic. Despite efforts to sustain current expenditure levels, the state is facing challenges due to this slower economic growth. JOLTS Data Tracking Economic Slowdown: California job openings show a slowing in employer hiring plans, consistent with the slower growth seen in the Department of Finance projections. The results for the rest of the US, in contrast, indicate continuing labor shortage conditions. Tourism Spending and Job Recovery: While tourism spending in 2023 surpassed pre-pandemic levels in nominal dollars, when adjusted for inflation, spending remains lower. This key industry has grown, but California costs of living and costs of doing business have grown faster. Employment in this industry at 98% of the 2019 levels is just short of recovery, with Accommodation showing some of the largest gaps. California's Unemployment Insurance Claims: The state continues to grapple with high levels of unemployment, reflected in its significant share of national unemployment insurance claims. Even though the Department of Finance projections indicate unemployment will remain over 1 million through at least the second quarter of 2026, California—unlike every other state except New York—failed to use the federal pandemic assistance funds to bring the state unemployment insurance fund out of its current conditions as structurally insolvent. Read the Full Report [[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]
