California Unemployment Lowest Since Stocks Crashed
Published On : 7/19/2013 8:30 AM
From : CCN
Categories : Local, State
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The summer of 2013 is starting out strongly for the California economy. The U.S. Labor Department says the state added more than 30-thousand jobs in June and the unemployment rate continued to drop.
There’s a lot of good news in the latest jobs report: In addition to June’s 30-thousand job gain, California’s disappointing May increase of less than 11-thousand jobs was revised up to nearly 17-thousand. And California’s unemployment rate dropped a tenth of a point to eight-and-a-half percent. Chapman University Economist Esmael Adibi:
“It’s moving in the right direction. The unemployment is going down, job creation is picking up steam. And I believe as we go through the year, we’re gonna see even better numbers.”
It’s also worth looking back to see how far California has come. The state has added more than 250-thousand jobs over the last year, and its unemployment rate has dropped more than two percent. The last time the jobless rate was this low was when the stock market crashed in Fall 2008.
Still, while California is adding jobs at a faster pace than the nation, its unemployment rate still lags behind by nearly a full percentage point.