California job market: layoffs and unemployment rate tick upwards
SAN FRANCISCO - In August, new jobs stood at 20,000, way less than the 60,000 jobs the Golden State averaged in the last year. On the other side of slowing job growth, layoffs are now increasing.
"I think it's a warning signal that healthy job growth and the enormous recovery of jobs we've seen in the past two years, is slowing, and we're entering a new phase," said Michael Bernick, a former director of the state's EDD office.
This caused the unemployment rate to increase slightly from 3.9% In July to 4.1% in August. "Still very low by all historic standards here in California," said Bernick.
A slowdown in growth was expected, since the state has already recovered more than 97% of the 2.7 million jobs lost during the first months of the pandemic. But layoffs, especially in banking, finance and technology are ticking up but not spiking. "Across the labor market, California employers try to continue to hold on to workers giving the difficulty. of course, of finding workers," said Bernick.
In fact, there is now a near record 1.3 million California job openings, 150,000 more than the previous month, including the astonishing reality that, once again, more than 400,000 workers quit their jobs.
"At the same time among blue-collar jobs and direct service jobs; these are jobs in home repair and jobs in certified nurse assistant in long term care, disability service and independent living coaches and support staff, employers can't find workers," said Bernick
The fact remains if you want a job, you're likely to find one, especially if you're willing to try something where special skills or degrees are not mandatory.
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