Down from 4% in September, California’s October jobless report marked its lowest figure since 1976 at 3.9%.
Not bad, considering the negative remarks we hear from people in other states — possibly jealous of our working population stats.
State officials released the upbeat data in mid-November after Golden State employers added a net 23,000 jobs last month.
“Each month we think we can’t get any lower in the unemployment rate, but we do,” Michael Bernick, a former director of the California Employment Development Department, said. “This is comparable to the rates we had in the 1950s.”
From 1950 to 1957, the Antelope Valley had a fabulous growth pattern with numerous aerospace firms providing many jobs, which also boosted industrial and home construction during those years.
Nationwide, the October jobless rate came in at 3.6%, also near a half century low.
California’s year-to-year growth rate hit 1.8%, with a grand total of 17.56 million in the state’s vital work force.
The monthly gain was “healthy,” Scott Anderson, chief economist of the San Francisco-based Bank of the West, said. “California’s labor market has been surprisingly resilient this year, despite the head winds from the U.S.-China trade war and global manufacturing recession.”
Of interest to job seekers is the fact that nationally, the sectors adding the most jobs over the year were education and health services (90,800); professional and business services (62,600); leisure and hospitality (48,800); and government (36,700).
Among Southern California counties, Los Angeles had the highest unemployment rate in October, at 4.5%, followed by Riverside (3.9%) San Bernardino (3.5%), Ventura (3.3%), San Diego (2.8%) ad Orange (2.5%).
The booming Bay Area technology arena is driving an ever-tighter job market.
Unemployment in the region is below 2.6%, and is as low as 1.7% in San Mateo County. San Francisco had 3.5% job growth, followed by San Jose (3%), San Rafael (2.8%) and the East Bay (2.2%).
U.S. payrolls grew by 1.4% year over year.
Since the Great Recession ended in February 2010, the state has added more than 3,37 million payroll jobs.
That 116-month growth surpassed the long expansion of the 1960s, Employment Development Department officials said, accounting for more than 15% of the nation’s job gains over the same period.
Over the last year, the Inland Empire and San Diego County experienced 2% job growth, the fastest in the Southland, followed by Los Angeles County (1.3%) and Orange County (1.2%).
California’s economy “appears to bucking the national trend of slower growth this year,” Anderson said. In January, the state’s payrolls rose year over year by 1.5%, compared with last month’s 1.8% growth. Over the same period, U.S. non-farm job growth slowed from 2.9% to 1.4%.
The addition of more workers and job seekers in October “could indicate that people are finally becoming confident enough to enter or reenter the workforce to find jobs,” said Lynn Reaser, an economist at San Diego’s Point Loma Nazarene University.
California’s popularity — despite exceedingly high housing prices and soaring rents — has not diminished and the expanding level of job incomes will continue to provide a better level of domestic life than in most of the other states.