California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
California Job Market Improves, State Issues $41.3B in Unemployment Benefits
The job market in California showed signs of life last week despite the economic turmoil and cutbacks caused by the COVID-19 lockdowns and stay-home orders. The U.S. Labor Dept. reported on Thursday a decrease in first-time claims for unemployment.
Initial claims for jobless benefits were filed by an estimated 267,100 California workers during the week that ended on July 4. That represents a drop of about 10,000 from the number of those who filed unemployment claims for the first time during the week ending on June 27. It marked the second consecutive week that California unemployment claim totals decreased, which hadn’t happened since the week that ended on May 9. California’s unemployment rate for the week ending June 20 was 16.7%, according to the Labor Dept. report.
California Employment Development Dept. (EDD) also reported on Thursday that it has sent unemployment benefits totaling $41.3 billion to workers losing their jobs or working reduced hours in the wake of the economic crisis created by the COVID-19 pandemic, including $3.7 billion alone last week. EDD reports it has processed a total of 7.5 million claims since the pandemic began in mid-March. That surpasses the number of claims processed over the same time period of two of the next largest states, Texas and New York, combined. (7.2 million).
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Economy
