Greater Milwaukee Today | GMToday.com on Nostr: US hiring keeps booming. Why is California lagging behind? ========== California's ...
US hiring keeps booming. Why is California lagging behind?
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California's job growth has been trailing the national curve all year, with the state's unemployment rate exceeding the national average by more than a full percentage point. In January, California added 58,100 nonfarm jobs, but only 7.7% of the nearly 3 million nationwide jobs created over the prior 12 months have been in California. Economists and business analysts attribute the lagging performance to factors such as harsh weather and rising costs affecting the agriculture industry, belt-tightening in the tech industry, and the loss of high-paying jobs in the entertainment industry. Other long-term problems include the economic lockdowns during the pandemic, difficulty in hiring due to worker shortages and rising labor costs, and the high cost of housing and taxes in California. The state's employment rules and higher costs have prompted many businesses and people to move out of California. However, there is still considerable entrepreneurial dynamism in the state, particularly among ethnic businesses. The hiring outlook for California is mixed, with job openings dropping but strong demand for entry-level jobs in certain sectors. Tech layoffs have persisted, but there are signs that they may be bottoming out. The unemployment rate in January varied widely across California, with a high of 19.3% in Colusa County and a low of 3.7% in San Mateo County.
#UsHiring #CaliforniaJobGrowth #UnemploymentRate #Economy #Agriculture #TechIndustry #EntertainmentIndustry #WorkerShortages #LaborCosts #HousingCosts #Taxes
https://www.gmtoday.com/business/us-hiring-keeps-booming-why-is-california-lagging-behind/article_778018ec-de5c-11ee-8c4b-2ba237349bd8.html
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California's job growth has been trailing the national curve all year, with the state's unemployment rate exceeding the national average by more than a full percentage point. In January, California added 58,100 nonfarm jobs, but only 7.7% of the nearly 3 million nationwide jobs created over the prior 12 months have been in California. Economists and business analysts attribute the lagging performance to factors such as harsh weather and rising costs affecting the agriculture industry, belt-tightening in the tech industry, and the loss of high-paying jobs in the entertainment industry. Other long-term problems include the economic lockdowns during the pandemic, difficulty in hiring due to worker shortages and rising labor costs, and the high cost of housing and taxes in California. The state's employment rules and higher costs have prompted many businesses and people to move out of California. However, there is still considerable entrepreneurial dynamism in the state, particularly among ethnic businesses. The hiring outlook for California is mixed, with job openings dropping but strong demand for entry-level jobs in certain sectors. Tech layoffs have persisted, but there are signs that they may be bottoming out. The unemployment rate in January varied widely across California, with a high of 19.3% in Colusa County and a low of 3.7% in San Mateo County.
#UsHiring #CaliforniaJobGrowth #UnemploymentRate #Economy #Agriculture #TechIndustry #EntertainmentIndustry #WorkerShortages #LaborCosts #HousingCosts #Taxes
https://www.gmtoday.com/business/us-hiring-keeps-booming-why-is-california-lagging-behind/article_778018ec-de5c-11ee-8c4b-2ba237349bd8.html