California employers slashed 16,300 jobs from payrolls in April, according to data released by the state’s Employment Development Department on Friday. It was the first month that the state posted a job loss since June 2016.
It was also the first time in about five years that California grew slower than the nation, year-over-year. Since April 2016, the state’s non-farm payrolls have grown by 236,700, a 1.4% uptick. The rest of the country grew jobs by 1.6% over the same period.
“It’s unwise to overreact to one month of data…but it’s possible we are starting to see some moderation in growth in the state,” said Lynn Reaser, the Chief economist of the Fermanian Business & Economic Institute at Point Loma Nazarene University. “It’s too early to panic, but it is a caution point.”
Seven sectors posted job losses, including professional and business services and trade, transportation, and utilities, which cut a combined, net 23,400 jobs last month.
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