California Workers Feeling Better About Job Prospects
California?s labor force has grown for three straight months, a sign that discouraged workers are feeling better about their chances of finding a job. The nation?s largest state had 12.6% unemployment rate in March, up 0.1 percentage point from last month, as more people entered the pool of unemployed looking for a job. California had seen its labor force decline for 11 consecutive months.
These folks have some reasons for optimism. Beyond steadily improving metrics in everything from manufacturing to consumer spending, many unemployed Californians found jobs last month.
?At the same time the labor force is expanding, and pushing up the number of unemployed, 54,000 Californians who were previously unemployed found jobs this past month, a welcome sign for the future,? wrote Beacon Economics, a California research firm, in a report on the California job report.
As the nation?s most populous state, California is often a reflection of the national economy. The state was also one of the first to enter recession, and has been hard hit by the real estate and mortgage busts.
Mirroring the national economy, California has seen manufacturing employment grow three months in a row, following just under two straight years of manufacturing jobs losses. Overall payrolls in California have grown for two straight months.
Of course, while the state?s economy is no doubt improving, California, like the nation, still has a lot of job losses to make up for. ?California’s total nonfarm employment is down by over 450,000 jobs from just one year ago, and down by over 1,360,000 jobs since July 2007,? wrote Beacon Economics in its report. ?We may be starting the climb, but we have a long ways to go.?