California’s Economic Recovery Continues to Rebound

California’s Economic Recovery Continues to Rebound

SACRAMENTO, CA (STL.News) Governor Gavin Newsom issued the below statement regarding today’s jobs report showing that California’s job growth over the last year continues to outpace the nation’s at 6.4 percent in March compared to U.S. jobs gains of 4.5 percent during that timeframe:

“Today’s report is more good news for California’s continued economic recovery, representing thousands of new opportunities for workers throughout the state.  We’re committed to building on these gains and our progress toward creating a stronger, fairer and more prosperous state for all Californians to live and work.”

California’s unemployment rate continued to decrease, reaching 4.9 percent in March 2022.

  • In March, California added 60,200 nonfarm payroll jobs to the economy.  Fewer than one million Californians are unemployed for the first time since February 2020.
  • California has now regained nearly 90 percent (2,463,400) of the 2,758,900 nonfarm jobs lost during March and April of 2020 due to the COVID-19 pandemic.
  • Of the 431,000 nonfarm jobs the nation gained in March, California accounted for 14 percent of those gains, surpassing the state’s 11.5 percent share of employment in the U.S.
  • California has enjoyed month-over-month gains in nonfarm jobs in 13 of the past 14 months totaling a 1,380,100 job gain over that time period.
  • For the second month in a row, none of California’s 11 industry sectors lost jobs, and Leisure & Hospitality (+14,800) once again posted the largest job increase with Limited-Service Eating Places being its main driver.
  • Professional & Business Services also posted a good-sized gain (+10,400) thanks to strength in Employment Services, as well as Accounting, Tax Preparation, and Bookkeeping Services.
  • Four of California’s 11 industry sectors have now fully regained all jobs lost due to the COVID-19 Pandemic in March and April of 2020:  Education & Health Services, Professional & Business Services, Trade, Transportation, and Utilities, and Construction.