Posted on 07/21/2018 7:52:22 AM PDT by SeekAndFind
California's Employment Development Department announced on Friday that unemployment held steady in June at 4.2%. That's the good news. The astonishing news is that the largest state in the union created a net gain of only 800 jobs.
The June numbers represent a pullback from May, when the Golden State added 7,200 jobs. And the gains in May were much smaller than April, when employers boosted payrolls by nearly 26,000.
The slowdown could signal that California is simply reaching full employment. Employers are struggling to find workers. Or it could be a sign of sagging confidence among executives. A growing trade war with China, for example, has unnerved companies in California's logistics industry and beyond.
Economists, however, cautioned against reading too much into one or two months of data.
Lynn Reaser, chief economist of the Fermanian Business and Economic Institute at Point Loma Nazarene University, said June's disappointing figures "warrant attention" and could be a sign of uncertainty around trade. But they are not cause for "undue alarm at this point."
"June's weak performance could be temporary," she said in an email.
Others said it was too early to see effects from the tariffs the Trump administration has placed on Chinese goods. An initial levy on $34 billion of Chinese goods, along with countermeasures by China, took effect in July following months of tariff threats and saber-rattling between the world's two largest economies. More tariffs have been threatened.
Michael Bernick, an attorney with Duane Morris and a former director of the Employment Development Department, said the slowdown was expected after a sustained stretch of job growth, noting that the current economic expansion is now the second longest in the post-World War II period.
(Excerpt) Read more at americanthinker.com ...
“Currently, California has a an $8.8 billion budget surplus.”
Well, when you have 1 Trillion in unfunded pensions, 8 billion in budget surplus will maybe get you a cup of coffee: https://www.ocregister.com/2018/04/06/with-california-taxpayers-facing-a-1-trillion-unfunded-pension-liability-lawmakers-focus-on-foam-and-plastic-straws/
Pensions are an issue in all states, especially those with budget deficits.
California is not one of them.
Who Cares? we added 25,000 to the food stamp program and another 100,000 to medi-cal, and created another 10,000 homeless people. We are on a Roll!!!
“I’m sure that its much higher than 800, but the rest are being paid under the table to illegals.”
It’s my guess they were government jobs....
No wonder why my son can’t find a job.
Cool!
Congrats to your grandkids!
A budget surplus in the same sense that unemployment went down under Obama.
Shuffle the numbers, change the definitions, and outright lie until you get the figures you want.
There are no numbers being shifted around.
California has a budget surplus and an GDP that dwarfs all other states.
CA’s main product anymore is crapping in the streets. San Francisco is experiencing bumper crops. (bumper craps?)
California: putting the gross in gross domestic product.
Thanks. We are proud of them. They neare hard working, dependable and can talk with adults.
A neighborhood girl was just graduated from a UC College with some instant unemployment degree/IUD. She worked at a couple of good jobs in the past summers, and she got two job offers with good pay and benefits after 90 days from those people. She had zero offers with her degree and so her fellow grads had nada job offers.
“California is not one of them.”
Keep defending the indefensible, bot.
That is nuts.
At least three of my Democrat relatives have recently told me that they'd like to move out of California. One already has.
I've warned all of them that things are 'different' in the more desirable (less democrat) areas of the country. They're not used to being surrounded by a sea of red. I think most of them would land in 'safe' blue counties, if they relocate.
I guess you've never heard of the Texas 'rainy day fund'.
It's not a budget 'surplus', which is money stolen from the citizens through overtaxation. It's an actual savings account, which is generated through saving a portion of the state taxes on oil and gas development.
The fund now stands at $10 Billion dollars.
Not sure why you singled out Texas to hate on. You don't fly a state flag on your home page, so I can only assume you're one of those Californians who just can't stand successful red states.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.