Beacon Economics

May 17, 2024

Beacon Employment Report | California

Presented by Beacon Economics

Copyright © Beacon Economics LLC

CALIFORNIA CONTINUES TO STRUGGLE WITH LABOR SUPPLY AS EMPLOYMENT EXPANDS MODESTLY

State’s Unemployment Rate Remains Highest In Nation
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5,200

Job Growth�

California’s labor market expanded modestly in April, with total nonfarm employment in the state growing by 5,200 positions over the month. March’s gains were revised down to 18,200 in the latest numbers, a 10,100 decline from the preliminary estimate of 28,300.

314,300

More People Employed

As of April 2024, California has recovered all of the jobs that were lost in March and April 2020, and there are now 314,300 more people employed in the state compared to February 2020. Total nonfarm employment has grown 1.8% over this time compared to a 3.9% increase in the United States overall. California increased payrolls by 1.2% from April 2023 to April 2024, trailing the 1.8% increase nationally over the same period.

5.3%

Unemployment Rate

The state’s unemployment rate held steady at 5.3% in April 2024, unchanged from the previous month. California’s unemployment rate is the highest in the nation and remains elevated relative to the 3.9% rate in the United States as a whole. The state continues to struggle with its labor supply, which remained essentially unchanged in April (declining by a negligible 100). Since February 2020, California’s labor force has fallen by -246,200 workers, a -1.3% decline. In comparison, over the past twelve months the nation’s labor force has increased by 0.8%.

View Seasonally Adjusted Industry Employment Data For California’s 28 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.

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