The report follows a disappointing April, when the state lost jobs for the first time in several months. The May unemployment rate dropped from 4.8% in April, but it still hovers above the national rate of 4.3%. For the second month in a row, the state economy’s year-over-year growth was slower in May than the overall U.S. economy.
The U.S. unemployment rate fell to 4.3 percent in May, the lowest in 16 years, so teens started looking for summer jobs in the best labor market since the tech boom of the early 2000s. The May unemployment rate for 16- to 19-year-olds was 14.3 percent, but teens usually find it harder to find jobs than their more experienced elders. Back in 2009, the teenage jobless rate hit 27 percent.
Nonfarm payrolls rose by a seasonally adjusted 138,000 in May from the prior month, the Labor Department said Friday, and job gains in the prior two months were revised down. The unemployment rate fell to 4.3%, the lowest reading since May 2001. Economists surveyed by The Wall Street Journal had expected 184,000 new jobs to be added in May and a jobless rate of 4.4%.
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.
Still, unemployment fell to 4.8%, from 4.9% in March, the lowest rate since 2001. The national jobless rate last month was 4.4%.
The pace of hiring picked up again in April and the unemployment rate fell to the lowest level in nearly a decade, evidence the U.S. economy is poised for a spring rebound after a lackluster start to the year.