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January 19, 2018

Welcome to the Beacon Employment Report, a unique analysis of California's employment numbers and trends released by Beacon Economics and the UC Riverside School of Business Center for Economic Forecasting and Development. Each month, we link our own econometric predictions to data released by the U.S. Bureau of Labor Statistics and the California Employment Development Department to identify important changes in employment across industries and regions. The Beacon Employment Report is also one of the few analyses that uses seasonally adjusted numbers. Click here to learn more about why seasonal adjustment is critical to revealing accurate trends and insights within data. The analysis is a sample of the kind of research available from Beacon Economics.

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2017 JOBS NUMBERS END ON HIGH NOTE  

The latest jobs numbers indicate that California ended 2017 on a strong note, according to an analysis released jointly by Beacon Economics and the UCR School of Business Center for Economic Forecasting and Development. The latest numbers from the California Employment Development Department show the state adding 52,700 jobs in December.

The strong month helped push year-over-year gains to 2.1%, making 2017 California’s sixth consecutive year of above 2% employment growth. Still, growth has slowed from recent years, with the state adding just 342,500 nonfarm jobs for the year, the lowest number of December-to-December jobs added since 2011.

Additionally, California’s unemployment rate hit another all-time low in December. The rate fell to 4.3%, a 0.3 percentage point decline from the previous month. However, this was only partly driven by rising household employment (+38,600). The state’s labor force (-7,600) also declined last month, which helped push the unemployment rate to its record low. For the year, household employment is up 2.1% and the state’s labor force has grown by 1.2%. 

"Payroll job growth in California accelerated in the final months of 2017, giving the state a strong finish for the year,” said Robert Kleinhenz, Executive Director of Research at Beacon Economics and the UCR School of Business Center for Forecasting. “Job gains and overall economic growth were constrained throughout the year, however, by limited expansion of the labor force, which is something that is likely to continue in 2018.” 

Key Findings:

 

View the latest seasonally adjusted unemployment rates for:


 United States
 California
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View seasonally adjusted industry employment data for California's
28 MSAs and MDs


January 2018 Report

 

 

 

 

Beacon Economics is a leading provider of economic and data analysis. Our research informs the financial and economic strategies of major hedge funds, industry, cities and counties, government agencies, and nonprofit organizations.

For more information, please view our research and analytics page or contact:

Director of Business Development Rick Smith at 858-997-1834 or Rick@BeaconEcon.com, or

Managing Partner Sherif Hanna at 310-571-3399 or Sherif@BeaconEcon.com.

 
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