Friday, August 16, 2013
The latest California employment numbers are out, and on the surface, July’s 38,100 job gain looks great. But a troubling trend in today's report calls that gain into question.
The 38,100 job increase is the state's largest monthly gain this year. It's also nearly a quarter of the nation's total job growth in July. But citing a flawed seasonal adjustment in teacher jobs, the state is revising June's 30,000 job gain down to 12,500, and May's 17,000 increase down to 9,500.
"Yeah that makes me worry, too," said Chapman University Economist Esmael Adibi. Adibi also said California's unemployment rate rose from 8.5 percent to 8.7 percent.
But if July's 38,100 job gain is accurate, Adibi claimed "with the exception of manufacturing and government, all the other sectors of the economy are generating jobs."
That would push California to a total gain of nearly 240,000 in the last 12 months.