California’s unemployment rate is holding steady at 5.5 percent – for the fourth month in a row. And that’s actually good news.
It shows California is adding enough new jobs each month to absorb tens of thousands of people re-entering the work force, without an increase in the unemployment rate.
“We have added a huge number of people – close to 90,000 – to the labor force,” says Chapman University economist Raymond Sfeir. And that's “a good indication. It’s telling us that people are becoming more encouraged that they will be finding a job.”
California’s steady job growth continued last month. The state added about 31,000 jobs in October, and a similar gain in September was revised up to 36,000. California has added nearly 400,000 jobs since this time last year.
And the state is adding jobs at a faster pace than the nation as a whole: California's 2.5 percent growth is well above the 1.8 percent growth nationwide.
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