April 19, 2024
Beacon Employment Report | California
Presented by Beacon Economics
Copyright © Beacon Economics LLC
CALIFORNIA LABOR MARKET JUMPS IN LATEST NUMBERS; UNEMPLOYMENT RATE HOLDS STEADY
State’s Labor Force Contracts Again
28,300
Job Growth�
California’s labor market expanded in the latest numbers, with total nonfarm employment in the state growing by 28,300 positions in March. February’s declines were revised to -6,600 in the latest numbers, a -2,200 change from the preliminary estimate of -3,400.
319,200
More People Employed
As of March 2024, California has recovered all of the jobs lost in March and April 2020, and there are now 319,200 more people employed in the state compared to pre-pandemic February 2020. Total nonfarm employment in California has grown 1.8% over this time compared to a 3.8% increase nationally. The state increased payrolls by 1.2% from March 2023 to March 2024, trailing the 1.9% increase nationally over the same period.
5.3%
Unemployment Rate
California’s unemployment rate held steady at 5.3% in March 2024, unchanged from the previous month. The state’s unemployment rate remains elevated relative to the 3.8% rate in the United States overall. California is continuing to struggle with its labor supply, which fell by -4,200 in March. Since February 2020, the state’s labor force has contracted by -246,400 workers, a -1.4% decline.
View Seasonally Adjusted Industry Employment Data For California’s Twenty-Eight MSA’s/MD’s:
The Beacon Employment Report | California is a unique analysis of California’s employment numbers and trends. 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, which are critical to revealing accurate trends and insights within data. The analysis is a sample of the kind of research available from Beacon Economics.
The contents of this report are based on information derived from carefully selected sources Beacon Economics believe are reasonable. We do not guarantee its accuracy or completeness and nothing presented here shall be construed to be a representation of such a guarantee.
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