Friday, August 17, 2012
It wasn’t quite as strong as May or June, but July was yet another good month for the California economy. The state added 25,000 last month after gains of 45,000 in each of the two previous months. California has now added 180,000 jobs since January.
Chapman University Economist Esmael Adibi says that growth should continue in future months “which means we should end up about 250,000-260,000 jobs for the year as a whole, and that should bring down unemployment by a couple of tenths of a point. And by year end, we could be as low as 10 percent.”
For now, though, California’s unemployment rate isn’t budging. It’s at 10.7 percent just as it was the month before. Adibi says the state’s job creation is keeping up with the labor market’s growth, but needs to surpass it for unemployment to drop.