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California’s Jobless Rate Decreases to 10.7 %… Nonfarm Payroll Jobs Increase By 38,300

California’s unemployment rate decreased to 10.7 percent
in June, and nonfarm payroll jobs increased by 38,300 during the month for atotal gain of 475,300 jobs since the recovery began in September 2009, according to data released by the California Employment Development Department (EDD) from two separate surveys.

The U.S. unemployment rate was unchanged in June at 8.2 percent.\

In May, the state’s unemployment rate was 10.8 percent, and in June 2011, the unemployment rate was 11.9 percent. The unemployment rate is derived from a federal survey of 5,500 California households.

Nonfarm jobs in California totaled 14,326,700 in June, an increase of 38,300 jobs over the month, according to a survey of businesses that is larger and less variable statistically. The survey of 42,000 California businesses measures jobs in the economy. The year-over-year change (June 2011 to June 2012) shows an increase of 279,100 jobs (up 2.0 percent).

EMPLOYMENT AND UNEMPLOYMENT IN CALIFORNIA
The federal survey of households, done with a smaller sample than the survey of
employers, shows a decrease in the number of employed people. It estimates the number of Californians holding jobs in June was 16,484,000, a decrease of 17,000 from May, but up 326,000 from the employment total in June of last year.
The number of people unemployed in California was 1,974,000 – down by 20,000 over the month, and down by 213,000 compared with June of last year.

Seven categories (construction; trade, transportation and utilities; information; financial activities; professional and business services; leisure and hospitality; and other services) added jobs over the month, gaining 46,600 jobs. Trade, transportation and utilities posted the largest increase over the month, adding 9,400 jobs.

PAYROLL EMPLOYMENT DETAIL (SEASONALLY ADJUSTED)
EDD’s report on payroll employment (wage and salary jobs) in the nonfarm industries of California totaled 14,326,700 in June, a net gain of 38,300 jobs since the May survey.

This followed a gain of 45,900 jobs (as revised) in May.
Seven categories (construction; trade, transportation and utilities; information; financial activities; professional and business services; leisure and hospitality; and other services) added jobs over the month, gaining 46,600 jobs. Trade, transportation and utilities posted the largest increase over the month, adding 9,400 jobs.

Beacon Economics offered the following analysis:

For the second consecutive month, California made up nearly half of all jobs gains in the U.S. From May to June the state added a seasonally adjusted 38,300 nonfarm jobs. Total private employment fared slightly better, adding 38,800 positions in June.
On an annual basis California also continues to outpace the nation. From June 2011 to June 2012 the state added back nearly 280,000 jobs, a growth rate of 2% for the year. The U.S. grew by only 1.4% over the same time period. Moreover, remove public sector job losses, and California’s numbers improve even more with 313,900 private sector jobs added back, for a 2.6% growth rate from June 2011 to June 2012.
The state’s unemployment rate also ticked down slightly from 10.8% to 10.7%, although the labor force also contracted, indicating that some workers have ended their job search and left the labor market. Still, year-over-year, California’s unemployment rate has fallen 1.2 percentage points from 11.9% in June 2011 to 10.7%in June 2012 – a much faster decline than in the nation overall where unemployment fell by 0.9 percentage points on a year-over-year basis during the same time period.
The Information sector was the fastest growing industry from May to June, adding 5,600 jobs (1.3% growth rate). Most of those gains came from Los Angeles and Orange Counties, as opposed to tech heavy Silicon Valley, indicating that more of the information jobs were in media and publishing as opposed to software development and production.
In absolute terms, the bulk of the most recent job gains came from the Trade, Transport, and Utilities sector, which posted a month-over-month increase of 9,400 jobs (0.3% growth rate). This sector has grown steadily since the recession, keeping in line with the state’s high level of export growth and trade activity over the past year. Construction and Professional and Business Services employment also performed well month-over-month, adding 8,100 and 7,800 jobs, respectively.
Southern California took the lead in job growth this month, with Los Angeles County alone adding 20,100 jobs. San Diego County followed with a 9,300 job gain, and Orange County posted an additional 8,000 nonfarm positions. While this appears to be a major acceleration in job growth for the southern part of the state, it is in all likelihood a statistical “catchup.” The EDD has consistently revised its employment estimates upwards over the past few quarters, and while that does indicate a growing economy, the current bump is most likely a revision that is making up for what seemed like sluggish growth during the winter months.

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