California returns to job growth in March, but unemployment rate remains highest in nation
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California's job growth turned upward in March, but the state still posted the highest unemployment rate in the country for the second month in a row. The state's jobless rate remained steady at 5.3% last month, while the national unemployment rate ticked down to 3.8%. California's employment growth has been lagging behind the nation due to high interest rates affecting the high-tech, entertainment, and housing sectors. However, analysts believe that California will not fall into a recession and expect job prospects to improve in the future. The state added 28,300 net new jobs in March, about 9% of the nation's total. Over the last year, health services and private education have accounted for over 80% of the state's added jobs. Major sectors such as information, business and professional services, and manufacturing have lost jobs over the last year. The state's unemployment rates vary widely by county, with some rural areas experiencing double-digit unemployment rates. Despite the challenges, experts believe that California will muddle through until interest rates ease and inflation comes down. The state is expected to avoid a recession and the broader U.S. economy is continuing to expand nicely.
#California #JobGrowth #UnemploymentRate #Economy #InterestRates #Employment #Recession
https://www.latimes.com/business/story/2024-04-19/california-returns-to-job-growth-in-march-but-unemployment-rate-remains-highest-in-nation
Los Angeles Times /
npub1ka…ct50x
2024-04-19 20:31:33
Author Public Key
npub1kat3x50s05kl9v0lqxq5qsl0znf0eu2rwyeq4xyplj80ga740k9q9ct50xPublished at
2024-04-19 20:31:33Event JSON
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"content": "California returns to job growth in March, but unemployment rate remains highest in nation\n==========\n\nCalifornia's job growth turned upward in March, but the state still posted the highest unemployment rate in the country for the second month in a row. The state's jobless rate remained steady at 5.3% last month, while the national unemployment rate ticked down to 3.8%. California's employment growth has been lagging behind the nation due to high interest rates affecting the high-tech, entertainment, and housing sectors. However, analysts believe that California will not fall into a recession and expect job prospects to improve in the future. The state added 28,300 net new jobs in March, about 9% of the nation's total. Over the last year, health services and private education have accounted for over 80% of the state's added jobs. Major sectors such as information, business and professional services, and manufacturing have lost jobs over the last year. The state's unemployment rates vary widely by county, with some rural areas experiencing double-digit unemployment rates. Despite the challenges, experts believe that California will muddle through until interest rates ease and inflation comes down. The state is expected to avoid a recession and the broader U.S. economy is continuing to expand nicely.\n\n#California #JobGrowth #UnemploymentRate #Economy #InterestRates #Employment #Recession\n\nhttps://www.latimes.com/business/story/2024-04-19/california-returns-to-job-growth-in-march-but-unemployment-rate-remains-highest-in-nation",
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