California’s Job Market Jumps Back in September
By Dr. Lynn Reaser, Ph.D., CBE
California’s job market bounced higher in September, as the state’s employers added 52,200 nonfarm workers to their payrolls. Reports from the third quarter indicate that the state has regained momentum after stalling somewhat earlier in the year.
Job gains over the past three months have averaged 43,000 per month. In contrast during the first half of 2017, payroll increases averaged fewer than 11,000 per month.
California’s jobless rate held at 5.1% in September, unchanged from August.
However, the state’s job market was strong enough to absorb a large number of people entering or returning to the labor market. This is a good sign of optimism on the part of potential job seekers.
Lynn Reaser is chair of the treasurer’s Council of Economic Advisors and chief economist at the Fermanian Business and Economic Institute for Point Loma Nazarene University. The opinions in this article are presented in the spirit of spurring discussion and reflect those of the author and not necessarily the treasurer, his office or the State of California. Job data used in this article is compiled by the Fermanian Business and Economic Institute for Point Loma and is not meant to be used as an official State of California source or replace official information released by the State of California and/or State Department of Finance.