California’s unemployment rate falls to 5.3%

California’s unemployment rate falls to 5.3%

Inching closer to the national unemployment rate of 5 per cent, California added 59,600 new jobs during the month of April, bringing the percentage of people without jobs further down to 5.3 per cent.

Releasing fresh employment data, the Employment Development Department (EDD) noted that the Golden State’s April unemployment rate was the lowest since June 2007.

California kept on outpacing the nation in terms of job growth. Since April last year, it added 450,200 jobs. The state enjoys an increase of 2.8 per cent in employment rate in the last twelve months, compared with 1.9 per cent recorded by the national economy.

The Golden State’s job growth in April was nearly double the growth recorded in April last year, which reported an uptick of 31,200.

Michael S. Bernick, EDD’s former director, said, “The gain is one of the highest we’ve had in 20 years. It is a very strong time. It isn’t limited to one sector. It’s across sectors … very important in terms of its sustainability.”

However, Bernick cautioned against too much cheerleading. He noted that people were very excited about the economy and low rates of joblessness in the early 2000s, but the country failed to keep the good times rolling for a long time.