California unemployment rate holds 4.1 percent in August
California’s unemployment rate held at a record low 4.1 percent in August, while the state’s employers added 34,500 nonfarm payroll jobs, according to data released by the California Employment Department (EDD).
EDD said the job gains in August contribute to a record employment expansion in California of 114 months surpassing the expansion of the 1960s.
Since the economic expansion in February 2010, California has gained 3,330,100 jobs more than 15 percent of the nation’s job gains over the expansion.
California’s Labor Market by the Numbers:
-The state’s unemployment rate held at 4.1 percent in August, once again tying the record low unemployment rate first set in July through December 2018 .
-August’s 34,500 nonfarm payroll gain extended California’s current employment expansion to an all-time record of 114 months, breaking the mark previously held by the expansion in the 1960s. Gains were mostly in the government, educational and health services, and leisure and hospitality industry sectors.
-California added an average 29,200 jobs per month over the entire 114-month-long expansion – far more than the 8,000-9,000 jobs needed monthly to match labor force growth.
-While the current record expansion reflects broad-based job gains across multiple industries, the August 1960 – December 1969 expansion was primarily fueled by manufacturing, particularly in aerospace, and higher population growth (approx. 2.7 percent annual growth in the 1960s compared to 0.8 percent currently).
