CA unemployment rate plummets, but no increase in jobs. Huh??
Good news! California’s unemployment rate dropped significantly in September, from 6.1% to 5.9% — while the nation’s unemployment rate remained stable at 5.1%. The bad news? No increase in the number of CA jobs.
Okay, okay — I exaggerated a bit to make a point. Actually the number of CA jobs DID increase in September — but by only 8,200 jobs. That’s a lot of jobs — until you consider that we have a whopping 39,000,000 people in the Golden State. That’s FAR less job growth than the number needed to handle our modestly increasing state population. http://www.sandiegouniontribune.com/news/2015/oct/16/sandiego-job-growth-unemployment-falls/
August was a mediocre month for CA, yet it produced 42,000 jobs. Oddly enough, in September with far fewer net new jobs, the state unemployment rate took a pleasant drop.By now my readers should know how this drop comes to pass. It’s not from significantly increasing employment — it’s from people dropping… Read More