While normally more subdued period following the holiday related traffic, the state’s ports broke February records as imports continued to surge. In total value, imports through the state’s ports climbed 23.7% from the year earlier. The number of TEUs (20-foot equivalent units; loaded and empty) moved jumped 46.92% in the Port of Los Angeles, 43.3% in Long Beach, and 6% in Oakland.
Below are the monthly updates from the most current March 2021 fuel price data (GasBuddy.com) and January 2021 electricity and natural gas price data (US Energy Information Administration). Even during the current economic downturn, energy prices continued to rise due to state policies, putting additional pressure on total housing costs and adding to California’s highest-in-the-nation […]
Total initial claims in California experienced a sharp rise during the week of April 3 while easing in the US as a whole.
In California, initial claims processed in the regular program were up 36.6% compared to the prior week, while PUA claims climbed 47.5%. In the national totals, regular claims rose 2.5%, while PUA claims dropped 36.1% due to a deep shift in Ohio. Combined, total claims processed were up 38.1% in California and down 7.0% in the US numbers.
Highlights for policy makers:
COVID-19 and the State Economy
Employment: 1.253 Million Below Recovery
Labor Force Participation Rate Rises to 60.9%
Employment Growth Ranking
Nonfarm Jobs: 1.662 Million Below Recovery
Jobs Change by Industry
Employment Recovery by Region
Unemployment Rates by Legislative Districts
Unemployment Rates by Region
How Far Back Has the Economy in Each County Been Pushed?
MSAs with the Worst Unemployment Rates: Los Angeles 8th Worst in Nation
During the week of March 27, a rise in initial claims under the regular program outweighed drops in PUA claims by the self-employed.
In California, initial claims processed in the regular program were up 10.0% compared to the prior week, while PUA claims were down by 19.9%. In the national totals, regular claims rose 9.7%, while PUA claims were down by 1.7% due to large increases in Ohio. Combined, total claims processed were up 4.7% in California and 6.6% in the US numbers.
Initial claims dropped in California to a somewhat greater extent than in the rest of the US during the week of March 20. The number of California initial claims is the fourth-lowest since the week of March 21, 2020—a comparison that includes lower numbers due to ongoing administrative issues at EDD. The results for the US mark the lowest. Both levels, however, remain well above the pre-pandemic period.
Highlights for policy makers:
COVID-19 and the State Economy
Employment: 1.599 Million Below Recovery
Labor Force Participation Rate Drops to 60.0%
Employment Growth Ranking
Nonfarm Jobs: 1.793 Million Below Recovery
Jobs Change by Industry
Unemployment Rates by Region (not seasonally adjusted)
How Far Back Has the Economy in Each County Been Pushed?
MSAs with the Worst Unemployment Rates: Los Angeles 23rd Worst in Nation
Initial claims eased in California while dropping sharply in the rest of the US during the week of March 13.
In California, initial claims processed in the regular program were up only 1.7% compared to the prior week, while PUA claims dropped 25.1%. In the national totals, regular claims were up 3.4%, while PUA claims plunged 41.0% in large part due to a large drop in the Ohio numbers. Combined, total claims processed eased 5.2% in California but were down 14.3% in the US numbers.
Below are the monthly updates from the most current February 2021 fuel price data (GasBuddy.com) and December 2020 electricity and natural gas price data (US Energy Information Administration). Utility Bills Matter as Well Much of the legislation establishing the state’s climate change program elements has sidestepped the question of costs, to households, to employers, and […]
Initial claims jumped again in California while easing in the rest of the US during the week of March 6. Combined with the higher California numbers and continued elevated claims in Ohio, the national numbers overall were largely stable.
Trade activity has substantially recovered from its earlier plunge at the beginning of the pandemic period. Incomes except for the lower wage workers predominately affected by the state’s closures have largely been maintained during this period both through the rapid adjustment of employers to teleworking and the transfer payments enacted by the federal and now state governments through the various COVID relief measures. The most recent personal income data from US Bureau of Economic Analysis indicates California personal income was essentially stable in the 3rd quarter of 2020, edging down marginally by 0.4% from the previous quarter (workplace earnings up 6.9% but transfer payments down 17.4%) but up 8.8% from the same period in 2019 (earnings up 2.5%; transfer payments up 54.6%). This income stability has maintained consumer demand for many products, especially imported products, although savings rates have also increased and the product mix within that demand has shifted in response to the current conditions.
Initial claims in both California and the US overall showed minor upward movement in the week of February 27. The national numbers again were heavily affected by elevated claims in Ohio.
While continuing to remain well above more typical levels, initial claims were down substantially in both the state and nation for the week of February 20. While the overall national numbers were lower likely due in part by severe weather conditions, they were also buoyed again by abnormally high claims processed in Ohio in both the regular and PUA programs.
The latest new vehicle data from California New Car Dealers Association shows total new light vehicle registrations in the third quarter were down 19.6% from the same period in the prior year, an improvement over the 48.9% drop in the second quarter but still lagging well behind the overall national decline of 8.4%. In addition to the associated jobs impacts, new vehicle sales are also a critical component of state and local revenues, with Motor Vehicle and Parts Dealers (NAICS 441) producing 12% of total taxable sales in 2019.
Initial claims again rose substantially in California during the week of February 13. Overall claims rose as well in the US as a whole due to the California numbers and an upsurge in PUA claims in Ohio.