Los Angeles: California’s job market powered ahead in July amid the longest expansion since the 1960s, and unemployment remained at a record low.
Since the post-recession turnaround in February 2010, the state has added 3.3 million jobs, accounting for more than 15 per cent of the nation’s employment gains, state officials reported, report agencies.Last month’s tally of 19, 600 new jobs was lower than June’s revised 41, 300 number. But monthly payroll data are volatile. More significantly, California has added an average of 29, 200 jobs a month over this 113-month expansion. Year over year, the state’s employment growth outpaced the nation’s, 1.8 per cent to 1.5 per cent.
California unemployment stood at 4.1 per cent in July, tied with the record low of July 2018, and down a notch from the 4.2 per cent level in June. US joblessness stood at 3.7 per cent in July.
However, forecasters were cautious in their interpretation of the trends.
“On balance, California’s economy remained healthy in July, “ said economist Lynn Reaser of San Diego’s Point Loma Nazarene University. “But it remains vulnerable to uncertainties regarding trade, global growth, interest rates and stock markets.”
One concern: a contraction of the state’s labour force by 35, 000 in July, the fifth consecutive monthly drop in the number of people working and looking for work.