California Job Tracker
By Lynn Reaser
California�s job market scored a major coup in November with Sacramento joining the metropolitan areas that have fully recovered all of the jobs lost during the recession. That means that 98.5% of the state�s major areas are now in the recovery club. Only four of the 29 metropolitan statistical areas (MSAs) are still lagging behind (Hanford-Corcoran, Redding, Santa Cruz-Watsonville, and Yuba City).
California�s economy has achieved significant economic gains during the past year. Although nonfarm payrolls expanded a relatively modest 5,500 jobs in November, the year-over-year performance remains impressive at 417,000. This translates into a growth rate of 2.6% versus a national rise of 1.9%. California has outperformed the nation in year-over-year job growth for 45 consecutive months.
California�s jobless rate also continues to move lower. In November, it fell to 5.7%, the lowest level since September 2007. The state has much to do to ensure that all of its residents fully participate in its economic gains, but job increases are a vital step.
Sacramento Joins Recovery Club
See raw data: Employment numbers by region.
Lynn Reaser is chair of the Treasurer’s Council of Economic Advisors and chief economist at the Fermanian Business and Economic Institute for Point Loma Nazarene University. The opinions in this article are presented in the spirit of spurring discussion and reflect those of the author and not necessarily the Treasurer, his office or the State of California.