California's unemployment rate close to 5%, second highest in US (Sacramento: minimum wage, price)

[mattja]

California now has the highest unemployment in the nation, after new data revealed that job growth in the Golden State was much lower in 2023 than previously believed.

Data from the state Employment Development Department indicates California reached 5.3% unemployment last month.

Meanwhile, federal data showed that California added just 50,000 jobs between September 2022 and September 2023, far less than the 300,000 initially shown.

California lost 2.7 million jobs at the start of the coronavirus pandemic, thanks to Gov. Gavin Newsom's draconian stay-at-home order that forced many businesses to close. Since then, the state has added 3 million jobs, per the EDD.

https://www.foxbusiness.com/economy/...an-anticipated

So, is anyone going to argue that 5.3% unemployment is "full employment?" It clearly is not. The state is on the wrong track and Newsom is making the situation worse. Good job, Democrats.

[JGC97]

Originally Posted by mattja

So, is anyone going to argue that 5.3% unemployment is "full employment?" It clearly is not. The state is on the wrong track and Newsom is making the situation worse. Good job, Democrats.

The article, although entertaining (especially the comments section) is accurate on the rate of unemployment for the state, when you look at a few other states (and districts), they aren't far behind. Nevada, being one and the District of Columbia.

If you're looking for accurate information as to how the state (and the country) is doing, this (below) is a good reference. It also outlines the sectors of industry affected.

https://www.bls.gov/news.release/laus.nr0.htm

If you read the entire report, it's doesn't come off as a gloom and doom situation. If, however, you're only searching for information that will continue to feed your sky is falling scenario, continue to read articles from sites that are in the business of casting negativity on places they don't like. Seeing how the District of Columbia and Nevada's numbers are as close as California's, why aren't they reporting on those places?

Personally, I'm not sure how the upcoming wage increase for fast food restaurants will affect the overall situation in the state. I don't eat fast food so I have no idea what the prices are now as opposed to previously. And I don't know how those businesses will handle the wage increase, other than to either take the hit in their profit margin or order layoffs. The better solution would be for consumers to stop eating their food. It isn't good for you but hey, whatever floats your (generally speaking) boat.

[sav858]

Originally Posted by JGC97

The article, although entertaining (especially the comments section) is accurate on the rate of unemployment for the state, when you look at a few other states (and districts), they aren't far behind. Nevada, being one and the District of Columbia.

If you're looking for accurate information as to how the state (and the country) is doing, this (below) is a good reference. It also outlines the sectors of industry affected.

https://www.bls.gov/news.release/laus.nr0.htm

If you read the entire report, it's doesn't come off as a gloom and doom situation. If, however, you're only searching for information that will continue to feed your sky is falling scenario, continue to read articles from sites that are in the business of casting negativity on places they don't like. Seeing how the District of Columbia and Nevada's numbers are as close as California's, [font=Verdana]why aren't they reporting on those places? [/FONT]

Personally, I'm not sure how the upcoming wage increase for fast food restaurants will affect the overall situation in the state. I don't eat fast food so I have no idea what the prices are now as opposed to previously. And I don't know how those businesses will handle the wage increase, other than to either take the hit in their profit margin or order layoffs. The better solution would be for consumers to stop eating their food. It isn't good for you but hey, whatever floats your (generally speaking) boat.

Probably because they're much smaller in population and don't have a $73 billion budget deficit.

[sav858]

Originally Posted by mattja

So, is anyone going to argue that 5.3% unemployment is "full employment?" It clearly is not. The state is on the wrong track and Newsom is making the situation worse. Good job, Democrats.

Bbbuuuttt we have the 5th largest economy in the world!

[JGC97]

Originally Posted by sav858

Probably because they're much smaller in population and don't have a $73 billion budget deficit.

What are those states' budget deficit? I bet they have one. How can they not when the entire country suffered with the covid shutdown? It took time for the state and country to recover from the fallout of 2008. Five years it took for home prices to finally bottom out before growing again. Same thing will happen with California but I don't worry too much about who's governor (and Newsom is coming to the end of his eight years). I worry more about the Assembly members. They are ones coming up with these ideas to spend spend spend, tax, tax, tax. Look to that group. They're as bad for this state as Congress is for the country.

[sav858]

Originally Posted by JGC97

What are those states' budget deficit? I bet they have one. How can they not when the entire country suffered with the covid shutdown? It took time for the state and country to recover from the fallout of 2008. Five years it took for home prices to finally bottom out before growing again. Same thing will happen with California but I don't worry too much about who's governor (and Newsom is coming to the end of his eight years). I worry more about the Assembly members. They are ones coming up with these ideas to spend spend spend, tax, tax, tax. Look to that group. They're as bad for this state as Congress is for the country.

Nevada has a record budget surplus. The article also compared CA to FL and TX, both of which also have budget surpluses, because they're large comparable states. Nevada and DC aren't.

[Leona Valley]

Originally Posted by sav858

Bbbuuuttt we have the 5th largest economy in the world!

Where does all that money go? I know from experience it doesn’t go to fixing potholes or maintaining highways.

[JGC97]

Originally Posted by sav858

Nevada has a record budget surplus. The article also compared CA to FL and TX, both of which also have budget surpluses, because they're large comparable states. Nevada and DC aren't.

I can't comment on the other states because they don't concern me but I always thought Nevada did well because they received a lot of revenue from casinos. Did that change?

[sav858]

Originally Posted by JGC97

I can't comment on the other states because they don't concern me but I always thought Nevada did well because they received a lot of revenue from casinos. Did that change?

They're apparently still doing well so doesn't appear so.

[mattja]

Originally Posted by sav858

Bbbuuuttt we have the 5th largest economy in the world!

If California were a country, our budget deficit would be between France and Indonesia, numbers 11 and 12.

I guess we should be proud of that too.