California’s Unemployment Rate Falls to Record Low Level
SACRAMENTO (STL.News) California’s unemployment rate fell to historically low levels in July, while adding the state’s largest job gain since February and second largest since August 2021.
“Californians are getting back to work with record low unemployment,” said Governor Gavin Newsom. “We have historic reserves and we’re putting money back in peoples’ pockets as we continue to lead the nation’s economic recovery.”
The number of employed Californians rose for the seventh consecutive month, the state added 84,800 nonfarm jobs, and the private sector achieved full recovery from the pandemic-induced recession:
- In July, California’s unemployment rate dropped 0.3% to 3.9%, establishing a new record low going back to the official data series that started in 1976.
- The unemployment rate also dropped below the pre-pandemic level of 4.1% in February 2020 and the number of unemployed Californians fell to a 33-year low in July, falling by 46,000 persons to 759,000 persons – this number has fallen for the 13th consecutive month.
- California added 84,800 nonfarm jobs in July – the state’s largest job gain since February and second largest since August 2021, bringing the total nonfarm employment in the state to 17,618,100 jobs.
- The state accounted for 16.1% of the nation’s new jobs in July.
- California has recovered all of the private-sector jobs lost during the pandemic-induced recession.
- Number of employed Californians rose by 23,000 persons, the state’s seventh consecutive month of employment gain.
- Year-to-date, California has created 477,600 – 14.5% – of the nation’s 3,296,000 new jobs.
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