As a major economic engine in the complex U.S. economy, how California fares affects everything and everyone. And the Golden State has polished up its labor look, as it is now close to recovering all jobs it had lost due to the pandemic, says Beacon Economics. Total nonfarm employment in the state growing by 84,800 positions in July, according to an analysis from both Beacon and the UCR School of Business Center for Economic Forecasting and Development. The analysis is based on data from both the U.S. Department of Labor and the California Employment Development Department.
June's numbers were also revised upwards to 37,300 from the previous estimate of 19,900.
The state's unemployment number fell to 3.9%, which is the lowest since at least 1976. But that's still higher than the U.S. national unemployment rate of 3.5%.
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