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November 17, 2017

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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SLOW STEADY JOB GROWTH CONTINUES

As the end of 2017 draws near, California’s jobs growth has continued to slightly outpace the nation, 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 31,700 jobs in October, another solid month of employment gains. Year-over-year jobs growth in California now stands at 1.5% compared to 1.4% growth in the nation overall.

California’s unemployment rate also fell to 4.9% in October, a 0.2 percentage point decline from the previous month. A sizeable gain in Household Employment (+97,200) during the month helped push year-over-year growth in household employment to 1.4%, which is now in line with payroll growth (1.5%).

Additionally, growth in the state’s labor force has accelerated over the last two months. October’s 1.0% pace of growth, year-over-year, represents the fastest annual growth in the labor force so far in 2017. Even so, given California’s housing crunch, the state will need to invest in stimulating additional housing development in order to attract new workers to the region and push labor force growth rate noticeably higher. 

"Although the pace of job growth has been smaller compared to recent years, the statewide economy continues to generate steady job gains,” said Robert Kleinhenz, Executive Director of Research at Beacon Economics and the UCR School of Business Center for Forecasting. “We’ve seen a surge in the labor force over the last two months, which has to be a welcome sign for firms that have had difficulty hiring this year.” 

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


November 2017 Report

 

 

 

 

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

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