California’s unemployment rate finally dipped below 7 percent last month, but it’s still the highest in the United States.
New stats for November 2021 released by the California Employment Development Department show a 0.4 percent drop from the previous month. The national unemployment rate average is 4.2 percent. Los Angeles County’s is 7.1 percent.
California’s Labor Market, by the Numbers…
- Since February 2021, California has added 977,200 total nonfarm jobs, which averages out to be a gain of 97,720 jobs per month for that time period.
- California’s November 2021 gain of 45,700 nonfarm jobs accounted for nearly 22 percent of the nation’s 210,000 overall jobs gain for the month.
- Eight of California’s 11 industry sectors gained jobs in November with Professional & Business Services (+18,800) leading the way due to large gains in Professional, Scientific, and Technical Services thanks, in part, to increases in Scientific Research & Development Services and Computer Systems Design & Related Services.
- Educational & Health Services (+9,500) also showed good month-over job gains thanks to strength in Ambulatory Health Care Services and Educational Services.
- Construction’s sizable loss (-1,700) was largely due to reductions in Specialty Trade Contractors.
These numbers are hard to reconcile with all the “Help Wanted” signs. What we don’t see is how manufacturing concerns have been really hard hit by these supply chain issues. I have a client who cannot ship product to his main customer as that customer cannot get the containers that it re-bottles the product for retail. In the meantime my client can’t get chemicals he needs to manufacture his products. So both my client and his customer are struggling to keep afloat. Modernizing our port is going to be essential to keep California competitive in the coming years.