Currently, California’s unemployment rate is at slightly over 4% – that’s 8% lower than the unemployment rate during the peak of the recession in 2010. In the fall of 2018, the metro areas of San Francisco, San Jose, and Oakland reported the lowest unemployment rates since 1990.
California has added more than 3,000,000 jobs to the state’s economy since 2010. But economists have a glass-half-empty perspective as they wait for marked wage increases, especially in lower-skilled tech jobs. And, the state’s unemployment rate is still higher than the national rate, which is 3.7%.
The state’s adult labor force participation rate is almost 4% higher than it was back in 2008 – a figure that unsettles many economists. They believe this is due to the fact that the new jobs are not necessarily desirable, and therefore, do not inspire people to return to or stay in the workforce.
California has added more jobs relative to the country’s overall job count which is a profound contribution to the national economy.
California is a wealthy state, but the wealth is concentrated along the coast. The prosperity has yet to be felt in areas like the Central Valley or Southern inland. However, out of the 58 counties in the state, only two have an unemployment rate over 7%. Compare that to 11 counties that had an unemployment rate over 7% in the not-too-distant past.