State Sees 6.2% Unemployment In July, Adds Most Monthly Jobs Since 2012
According to the latest Bureau of Labor Statistics monthly state unemployment data, in July California saw its unemployment rate fall to 6.2% from June’s 6.3% as the state added 80,600 non-agricultural jobs. According to the Sacramento (CA) Bee in the past year the state has seen 494,200 new jobs, a 3.2% increase. Since the economic recovery started in February 2010, California has added more than 2 million jobs. According to San Francisco labor attorney Michael Bernick, July’s jobs total represented “the fourth largest monthly gain since January 2000 and the largest since October 2012.” He said although some of the hiring was likely seasonal, particularly in the hospitality and leisure sector, “there’s no question, whatever else is problematic about the recovery in California and the United States, these payroll job gains are not a mirage.” California-based Beacon Economics’ founding partner Christopher Thornberg noted the 3.2% job gain in the past year is “well ahead” of the US national average of 2.1% growth. He elaborated, “This is the third straight year of 3 percent-plus growth in California, making the state the third-fastest growing economy in the entire nation since 2012, behind only Utah and Nevada. This may come as a bit of a shock to many business climate advocates who had written the state off.”
What This Means For Small Businesses
July’s lower unemployment rate and the addition of more jobs in a month in nearly three years serve as positive indicators that California’s economy is continuing to grow. The state’s small business owners should feel encouraged that, despite doing business in a state known for high costs and tough regulations, they have located their operations in a state with healthy economic growth.
The Los Angeles Times also covered July’s job gains.
Note: this article is intended to keep small business owners up on the latest news. It does not necessarily represent the policy stances of NFIB.