December 20, 2019
Beacon Employment Report
Presented by Beacon Economics
Welcome to the Beacon Employment Report, 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.
STEADY CALIFORNIA EMPLOYMENT GROWTH CONTINUES
Health Care, Information Sectors Key Drivers, Historically Low Unemployment Rate Holds Steady
Nonfarm employment in California expanded at a steady pace in November, growing by according to analysis released jointly by Beacon Economics and the UCR School of Business Center for Economic Forecasting and Development. The latest figures released by the California EDD reveal that employment in the state grew by 28,400 jobs. Since November 2018, California has added 321,800 jobs, which is equivalent to a 1.9% year-over-year increase, exceeding the nation’s growth rate of 1.5%.
“We’ve never shared the bearish views of many forecasters in the state that there will be a substantial economic slowdown either this year or next; these numbers bear that out and continue to be broadly positive for both California and the nation,” said Christopher Thornberg, Founding Partner of Beacon Economics. “Indeed, the data are forcing many forecasters to now revise and upgrade their outlooks for next year.”
California’s unemployment rate held steady at 3.9% in November, maintaining its record low. Still, a lack of labor force growth remains a cause for long-term concern. While the state’s labor force expanded for a third straight month, growing by 50,000 workers in November, since November 2018, California’s labor force has decreased by 0.1%, a loss of 17,000 workers.