The jobless rate in drought-stricken California has dropped to 6.3 percent in June after a slight increase back in May.
The rate reduction comes as a result of 22,900 non-farm payroll jobs having been added in June, which in turn helped reduce the rate of unemployment in the state to a level reminiscent of what we saw back in April.
Just one year ago, the jobless rate in the state of California was at 7.5 percent, the Associated Press reported via KSBY6.
The number of new non-farm payrolls jobs added last month was announced by the state Employment Development Department on Friday.
While all of this sounds like good news for the water weary state, the state’s unemployment rate remains higher than the national average — an average which dropped to just 5.3 percent in June, marking its lowest point since April of 2008.
Jordan Levine, the director of economic research at Beacon Economics, was quoted by the Los Angeles Times as having said that while he hesitates “to refer to this as a recovery any longer,” he is ready to call it what it is, “an expansion.”
I hesitate to refer to this as a recovery any longer (…) This is now an expansion.
California harbors the eighth-largest economy in the world.
Since the end of the recession, the nation has seen an overall expansion of 9.4 percent while the state of California itself has expanded by 13.5 percent and with the exception of Sacramento, all of the regions in the state have seen lost jobs reclaimed, analysts claim.
Back in May, the U.S. unemployment rate reportedly dropped after 233,000 jobs were added back in April.