Source: beaconecon.com | Re-Post MNM Partners, LLC 3/1/2018 –
2017 JOBS NUMBERS END ON HIGH NOTE
The latest jobs numbers indicate that California ended 2017 on a strong note, according to an analysis released jointly by Beacon Economics and the UCR School of Business Center for Economic Forecasting and Development. The latest numbers from the California Employment Development Department show the state adding 52,700 jobs in December.
The strong month helped push year-over-year gains to 2.1%, making 2017 California’s sixth consecutive year of above 2% employment growth. Still, growth has slowed from recent years, with the state adding just 342,500 nonfarm jobs for the year, the lowest number of December-to-December jobs added since 2011.
Additionally, California’s unemployment rate hit another all-time low in December. The rate fell to 4.3%, a 0.3 percentage point decline from the previous month. However, this was only partly driven by rising household employment (+38,600). The state’s labor force (-7,600) also declined last month, which helped push the unemployment rate to its record low. For the year, household employment is up 2.1% and the state’s labor force has grown by 1.2%.