Posted on 07/20/2007 2:36:34 PM PDT by BurbankKarl
Dragged down by big losses related to the real estate slump, California's employment engine ground to a near standstill in June with a net gain of 400 positions, state figures released today show.
By comparison, the state added 16,200 jobs in May and 4,800 in April.
As expected, financial activities and construction were the biggest losers among six sectors that posted employment declines in June, according to the Employment Development Department report.
Reflecting layoffs by troubled subprime lenders and the big chill in home building, the financial activities sector lost 5,700 jobs, while construction shrank by 5,300. By comparison, the other four declining sectors lost a total of 5,900 jobs.
"Slowing state job growth has been primarily caused by the slowdown in residential building and resale activity," said Stephen Levy, senior economist for the Center for the Continuing Study of the California Economy. "A continuation of the slowing will cause problems for this year's and next year's state budget."
Despite slow job growth, the state's unemployment rate held steady at 5.2% after rising in May from 5.1% in April. By comparison, the U.S. jobless rate was 4.5% in June, unchanged from May.
A steady unemployment rate means the number of jobs is growing at about the same pace as the number of people seeking them.
"For the past year the state has matched the national job growth rate, although unemployment has risen here but not in the nation because the state labor force has grown by nearly 300,000," Levy said.
Since June 2006, the state's employers have added 204,700 jobs, an increase of 1.4% for a total last month of 15.2 million.
(Excerpt) Read more at latimes.com ...
I wrote the LA Times that the 49 state unemployment rate has to be less than 4.5%....that they are minimizing the difference by including CA in the national total.
A better example would be comparing California’s neighbors:
AZ has a 3.5% rate,
Nevada, 4.6%,
Utah, 2.6%
Oregon, 5.1%
Washington, 4.5%
>>>Despite slow job growth, the state’s unemployment rate held steady at 5.2% after rising in May from 5.1% in April. By comparison, the U.S. jobless rate was 4.5% in June, unchanged from May.
Of course CAs outrageous taxes and number of illegal aliens have nothing to do with it.
Actually, the illegals have been leaving California since the housing boom went bust. They’re looking for jobs elsewhere, even in Canada. It is just a few hundred thousand less than a couple of million really means nothing.
COMO?
I was leaving the Dunn Edwards paint store and was nearly assaulted by 20 mejis in painters clothes.
Arnold is turning out to be a complete disaster. But of course, most CA governors have held that title.
People are fleeing CA in droves. Businesses either have to close their doors, or never get started because of the lunatics that run this asylum.
I would love to see an itemized cost sheet for starting a small business in CA, minus start up costs for inventory and leasing space. We’d like to start a business dealing with dry goods, but I’m scared to death that I’d go BK before a couple of months passed.
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