California posted the nation’s second biggest year-over-year employment gain in April and the state’s unemployment rate dipped to 4.8 percent — its lowest reading since 2001, according to figures released Friday by the Employment Development Department.
“It’s great to see that the statewide unemployment rate has fallen to its lowest point in 16 years,” Robert Kleinhenz, executive director of research at Beacon Economics, said in a statement. “However, we are seeing a weaker pace of wage and salary job growth this year, which is to be expected when the economy is essentially at full employment.”
Kleinhenz figures April’s employment losses will be revised downward in the future.
The Golden State saw an annual increase of 236,700 jobs, landing just behind Texas, which added 258,900. Florida followed with 215,400 new jobs and Georgia added 113,600. At the opposite end of the scale, Alaska shed 7,200 jobs over the past 12 months.
California lost 16,300 jobs in April in contrast to a revised gain of 22,800 jobs that were added the previous month. April’s unemployment rate of 4.8 percent was down from 4.9 percent in March and 5.5 percent a year earlier, the EDD reported. That’s trending slightly higher than the U.S. unemployment rate for April, which was 4.4 percent.
Locally, jobless rates declined in both Los Angeles County and the Inland Empire with L.A. County barely outpacing the two-county region in annual employment growth.
L.A. County saw a…
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