California jobless rate falls
The economic juggernaut that is the California economy barreled forward in November as the state added 47,400 net new jobs and the unemployment rate dropped to 4.6 percent, from 4.9 percent a month earlier.
The robust gains were a slight improvement from the prior month’s upwardly revised 45,400 jobs increase, according to data released Friday by the Employment Development Department. The Golden State’s economy got off to a slow start this year, but has been picking up steam in the second half.
The state has now added jobs in three consecutive months, after several months of alternating job losses and gains.
“California, which had lagged early in the year, now appears to be on a strong growth trend,” Lynn Reaser, chief economist of the Fermanian Business & Economic Institute at Point Loma Nazarene University, said in an email.
The Sacramento region’s unemployment rate also dropped to 3.7 percent in November, the lowest it’s been since December 2000, the Employment Development Department said Friday, according to a Sacramento Bee report.
It also matches the lowest recorded in greater Sacramento, dating back to 1990, said Cara Welch, an EDD labor market consultant.
Job gains in November were seen across most industries.
Educational and health services added 16,700 jobs, while professional business services saw a 13,700 increase from October. The manufacturing sector added 2,500 jobs.
In Los Angeles County, employers shed 2,100 jobs on a seasonally adjusted basis, while in Orange County payrolls grew by 2,500.
The report comes on the same day President Trump signed the Republican tax bill into law. The plan slashes business tax rates and also cuts taxes for most Americans and Californians. But it also caps key deductions taken disproportionately by Californians and residents of other highcost states.
Some economists have said the deduction changes could prove a slight drag on the state’s economy, while others expect a short-term boost from lower business taxes. Either way, economists said they don’t expect the tax bill to drastically alter the state’s job market.