06/26/2022

California loses jobs in March, though unemployment stays at a record low

In a signal that California’s economic engine could be slowing after a remarkable run, the state lost 7,200 net jobs last month and increases in February were far less than originally estimated, according to data released Friday by the Employment Development Department.

The decline was the first in nearly two years and follows a disappointing national report that showed the U.S. added only 103,000 jobs in March.

In California, the drop-off was broad-based, with eight of the state’s 11 industry sectors reporting job losses. February’s increases were revised sharply down, to 1,200 from 14,000.

“The overall economic momentum is slowing both for the U.S. and California,” said Sung Won Sohn, an economist at Cal State Channel Islands. “We’ve reached an inflection point.”

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