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California Job Progress Continued Apace in May

California is buoyed by increasing opportunities in tourism, technology, and construction.
State payrolls rose by 19,400 positions a final month, on high of a revised gain of 46,000 the month before, according to data launched by California employment officers.

Year over year, Golden State added jobs at a 1.6% rate, the identical as the nation as a whole. California’s unemployment rate was 4.2%, the identical as a year earlier, however slightly beneath April’s 4.3% rate. The United States unemployment rate was at 3.6% in May.

“California continues to be one of the top performing economies in America,” mentioned Christopher Thornberg, the founder of Beacon Economics, a Los Angeles analysis agency. “For all of the headlines a few potential recession and worries about the financial market and worries about commerce, you don’t see this within the data.”

Technology jobs, which present up within the skilled and business providers classes, “have been the spine of California’s employment progress on this recovery,” noted Loyola Marymount University Economist Sung Won Sohn. However, the sector, which incorporates jobs associated with electronics hardware and software, is under pressure from labor shortages and the continuing tit-for-tat commerce battle with China, he stated.
10 of California’s 11 major business sectors gained jobs, led by education and healthcare, professional and enterprise companies, leisure and hospitality and construction. Only one category, financial activities, lost jobs over the year.