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California’s Job Gains Modest, Near Full Employment Hinders Growth
California continues to add jobs, though the latest employment report shows the pace has moderated. The number of payroll jobs increased by 24,500 to 17.35 million, a slight improvement over February’s revised gain of 20,900, according to the state’s Employment Development Dept.
Part of the reason the job gains have slowed is because the Golden State is close to full employment following 108 months of expansion. Employment growth was 1.4% year-over-year, as companies scraped to compete for workers in a tight labor market.
March’s unemployment rate ticked up to 4.3%, from 4.2% in February. It also stood at 4.3% a year earlier.
The construction sector led the job gains in March, adding 9,400 jobs. The manufacturing sector experienced the state’s second-highest job growth, with 4,700 new positions.
California’s largest jobs drop was in the trade, transportation and utilities sector, which shed 5,800 jobs. Economists note a likely cause was the U.S.’s trade war with China and European nations.
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