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As discussed in our preliminary report on the August data, the results show a substantial weakening in the state’s recovery process, especially in light of the stronger job numbers in July. Nonfarm job gains at 19,900 came in at their lowest level since last September. Employment showing a loss of 3,900 was at the lowest since last December.
California remained 47,300 jobs (-0.3%) below the pre-pandemic peak in February 2020, and 169,300 workers (-0.9%) below the prior employment peak. The US numbers, however, continued growing beyond this recovery mark for nonfarm jobs, but remained just 0.1% shy in the employment numbers.
In contrast, the number of states exceeding the pre-pandemic job numbers grew from 15 to 19, although the number of states exceeding this recovery measure for employment eased from 31 to 28.
Using the unadjusted numbers to show results by average wage level, the higher wage industries continued the shift from recovery to growth that began in April. The medium wage industries remained affected by the seasonal shifts related to schools (Educational Services and Government). Seasonal factors remained positive for the lower wage industries, bringing them to within 0.1% of their pre-pandemic peak.
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