According to statistics from the Employment Development Department, California currently has the highest unemployment rate in the nation, reaching 5.3 %.
At the beginning of the COVID- 19 crisis, California lost 2.7 million jobs according to remain- at- home orders. Since therefore, California has rebounded by adding 3 million work to its business, averaging about 66, 000 employment per month.
However, a new information study found a gap between the numbers. The corrected figure revealed that just 50, 000 jobs were created during that time, compared to the national data that indicated that the state had created 300, 000 between September 2022 and September 2023.
” I think California’s market is the leading edge of the nationwide economic downturn”, said Sung Won Sohn, a professor of finance and economics at Loyola Marymount University.
It can be challenging to measure career growth effectively. Based on a regular employee review, the figure is based. Preliminary estimates indicated that the condition would add 9,900 jobs in July 2023, but updated estimates revealed that the state would actually lose 41,400 jobs that month.
The software company’s growth during the pandemic time may also be reaching a moving point, affecting Silicon Valley. Tech companies may have hired too many people to immediately after receiving billions of dollars in federal assistance and a “runaway property marketplace.”
” The it sector, mainly key firms, over- hired in the first post- epidemic year, and has been shedding jobs since”, said Michael Bernick, a previous director of the California Employment Development Department. ” The ( San Francisco ) Bay Area is the new epicenter of Artificial Intelligence start- ups. However, these start-ups have only created a small number of jobs so far.
The SAG- AFTRA strike, which lasted nearly five months in 2023, also displaced some of California’s economy. During this time, nearly 25 000 actors and writers lost their jobs.
Hollywood will take years to regain its former state before the strike, according to Kevin Klowden, an executive director at the Milken Institute. He claimed that some restaurants and other establishments that rely on actors and writers might never reopen.
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In total, there were 1, 027, 000 Californians without jobs in February, up 13, 100 from January and 165, 400 more than in February 2023.
Of the state’s 11 industry sectors, private education and health services saw the most significant increase in job growth, adding 15, 400 jobs to the state’s economy. The construction industry saw a loss of 9, 600 jobs.
