05/09/2021

California unemployment rate drops to a new record low: 4.1%

California’s unemployment rate ticked down to 4.1% in September from 4.2% the previous month — the lowest rate in 42 years, according to the state’s Employment Development Department.

Payrolls in the state grew by 13,200 jobs compared with August, with the most gains coming in the business and professional services sector, the leisure and hospitality sector and the government sector. Compared with the same month last year, payrolls were up 2%.

August’s job growth was revised down slightly to a still-strong gain of 42,600.

The data show an economy that has finally climbed back from a catastrophic recession, even as it faces new challenges with an escalating U.S.-China trade war and high housing costs that have left many residents in poverty.

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