Below are the monthly updates from the most current July 2024 fuel price data (GasBuddy.com) and May 2024 electricity and natural gas price data (US Energy Information Administration). To view additional data and analysis related to the California economy visit our website at www.centerforjobs.org/ca.
With the California Legislature returning for the final month of session this coming Monday, the Center for Jobs is releasing this special report, which contains metrics on the current jobs and economic outlook for the state. With recent news about the departure of Chevron and Tesla, and large layoffs by Intel, legacy companies are making major announcements that will affect both the current and future economy, especially the state budget.
This report first analyzes the impact of recently passed tax increases on businesses, including the direct, indirect, and induced job loss, which is estimated at up to 33,000 jobs. Following this analysis, the report addresses various recent claims about the state’s economic prowess
As discussed in our preliminary report, nonfarm jobs posted more positive results over the past two months, with June’s preliminary number coming in near the pre-pandemic monthly average from 2019. The labor force numbers in contrast, although showing the best results since last December, still reflected a continuing weakness in the state economy.
Both the nonfarm job and employment numbers showed positive gains in June. At 22,500, the nonfarm job gains were in line with the pre-pandemic average of 20,800 from 2019, while the stronger May gains were revised only marginally. These two months of positive news, however, were not enough to offset California’s weak ranking in net jobs growth among the states, which remained in 4th place below North Carolina.
Below are the monthly updates from the most current June 2024 fuel price data (GasBuddy.com) and April 2024 electricity and natural gas price data (US Energy Information Administration). To view additional data and analysis related to the California economy visit our website at www.centerforjobs.org/ca.
The May trade numbers in general showed positive news for California. Both origin exports and destination imports were up compared to May 2023. In nominal dollars, total trade through the state’s ports rose in this period, and the share of total US trade, while remaining well below previous highs, continued edging up.
In nominal terms, total trade through the state’s ports in the first 5 months rose 7.9% over the year and 14.8% over pre-pandemic 2019, but still came in marginally lower than 2022.
While nonfarm jobs were more positive in May, the labor force numbers continued to post weak results. Although dropping 0.1 point to 5.2%, California’s unemployment rate (seasonally adjusted) was again the highest among the states for the 4th month in a row
The Center for Jobs and the Economy has released a special report that delves into the tax burden on personal income in California, particularly focusing on its impact on different family types. For additional information and data about the California economy visit www.centerforjobs.org/ca.
The Center for Jobs and the Economy has released a special report that delves into the tax burden on personal income in California, particularly focusing on its impact on different family types. For additional information and data about the California economy visit www.centerforjobs.org/ca.
Both the nonfarm job and employment numbers showed positive gains in May but again at different scales. Nonfarm jobs rose by 43,700, while the previously reported April gains were revised down by 1,100 to 4,100. With the preliminary May results, nonfarm jobs have now averaged gains of 17,000 in the first 5 months of 2024, higher than the 6,400 average set in the same period last year and closer to the 20,800 average for the entire pre-pandemic year of 2019.
Below are highlights from the recently released trade data from the US Census Bureau and US Bureau of Economic Analysis. The data this month includes the annual revisions affecting previous data beginning in 2019. To view additional data and analysis related to the California economy visit our website at www.centerforjobs.org/ca.
Below are the monthly updates from the most current April 2024 fuel price data (GasBuddy.com) and March 2024 electricity and natural gas price data (US Energy Information Administration). To view additional data and analysis related to the California economy visit our website at www.centerforjobs.org/ca.
The Center for Jobs and the Economy has released a special report that delves into the tax burden on personal income in California, particularly focusing on its impact on different family types. For additional information and data about the California economy visit www.centerforjobs.org/ca.
The 2024 expected monthly average of only 5,400 is largely consistent with April’s gain of 5,800. The Department of Finance’s projections expect employment growth to rise only slowly to reach a monthly average of 8,700 by 2027. At this pace, the state would still not recover to the pre-pandemic peak at any point in the projection period.
Both the nonfarm job and employment numbers showed positive gains in April, but at relatively modest levels. Nonfarm jobs rose by 5,200, and were not strong enough to even offset the 10,100 downward adjustment to the March gains.