The stepped-in increase will raise rates by 9.25 percent now and then by another 9 percent in July 2018, which comes out to an increase of around $4.34 per month for the average household this summer and $4.64 monthly when the second raise takes place next July, according to EBMUD measures. EBMUD has said it needs more funds to replace aging infrastructure and other maintenance — and says around 10 percent of the money will go toward filling a projected $30 million gap created when customers conserved water during the drought.
These changes will define, and perhaps undermine, our economy by creating a dearth of new workers. Between 2013 and 2025, the number of high school graduates in our state is expected to drop by 5 percent, compared to a 19 percent increase in Texas, 10 percent growth in Florida and a 9 percent rise in North Carolina. Some, of course, may hail these trends. Environmental activists and their allies in the density lobby generally prefer a childless population, both to cut greenhouse gas emissions and to expand their influence. Some tech-oriented futurists may even suggest that robots will replace all but the most skilled of workers, making additional children more a burden than a blessing. Yet, for California employers — at least until the technological nirvana — a labor shortage, particularly in skilled trades, could prove troubling in the near-term, and even medium-term, future. Historically, California could count on migration from both the rest of the nation and abroad. But this seems to have changed dramatically. The state has lost more domestic migrants than it has gained since at least 2000. Net immigration, the other lodestone of our labor force growth, has also slowed.
U.S. employers picked up their pace of hiring in June. Nonfarm payrolls rose by a seasonally adjusted 222,000 from the prior month, the Labor Department said. The unemployment rate ticked up to 4.4% from 4.3% the prior month as more people joined the workforce. Average hourly earnings for private-sector workers rose 2.5% in June, little changed from prior months. In one positive sign, the average workweek rose by 0.1 hour to 34.5 hours.
Among the nine University of California campuses that enrolls undergraduates, UC Davis admitted the highest number of international students for the upcoming school year, according to admissions data released Thursday. Out of nearly 14,000 international applicants, UC Davis accepted 8,415 students, an admit rate of 60.4 percent. By comparison, 18,480 California residents were accepted from the 51,425 who applied – a success rate of 35.9 percent. The number of residents admitted was slightly down compared to 2016, in line with the overall trend at other campuses.
Upscale jeans maker True Religion Apparel Inc. said Wednesday that it filed for bankruptcy reorganization, making it the latest Southern California apparel firm to falter as people embrace online shopping. But True Religion said that in tandem with filing under Chapter 11 of the bankruptcy laws, its owner, TowerBrook Capital Partners, a private equity firm, reached a proposed deal with lenders to slash True Religion’s debt by about three-quarters as it continues operating.