The unemployment rate in California dropped to 5.8 percent in October — the lowest its been in eight years, since October of 2007 — after employers added over 40,000 jobs, according to state officials.
According to federal statistics, the numbers California officials reported on Friday were the highest in the nation — a significant increase over the month prior’s reportedly sluggish growth.
Having added 41,200 net jobs last month, the state’s numbers are actually more in line with the roughly 38,000 jobs the state typically adds on an average monthly basis.
Chapman University economist Esmael Adibi was quoted by the LA Times as having referred to the report as “strong” while noting that the job creation is “very broad-based” and that the state is “doing much stronger” than the nation.
California is doing much stronger than the U.S. (…) It’s a strong report. It’s very broad-based job creation.
Echoing Adibi’s “stronger than the U.S.” statement, The Sacramento Bee reports that the latest California Employment Development Department data suggests that the state’s economy is improving steadily despite the nation’s economic slow down.
The Sac Bee report notes that the state’s unemployment low, the lowest in years, is actually lower than the rate at which it was prior to the nation falling into a recession following the housing bubble collapse.
The state’s manufacturing sector, which was amongst the worst sectors in the state, dropped slightly.
Last October, the state’s unemployment rate was at 7.2 percent. So while it’s still higher than the 5 percent national unemployment rate, it’s down substantially in comparison to last year.
California is home to such companies as Google, eBay, Apple, Tesla Motors and many others.