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As discussed in our preliminary report, the November data again indicates mixed results for the state’s recovery progress, but this time combined with a general slowing in the numbers. Nonfarm jobs remained above the pre-pandemic high, but at 26,800 was the second lowest monthly gain for the year and less than half the average monthly gain of 58,500 in the previous ten months of the year. The employment results were even weaker, with the loss of 42,700 representing the fourth month in a row with a contraction in the number of employed workers.
Broader labor shortages also continue to hold back potential jobs growth overall. The November data shows California’s labor force declining for the third month in a row, now at a point nearly 300,000 below the pre-pandemic peak. Demand for labor, however, remains elevated, with unfilled job openings still running near series highs even as companies especially in the tech industry have started to cut back on hiring plans.
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