The California Labor Market Information Division (LMID) released its April 2022 report on Friday, showing an extraordinary improvement in the unemployment rate, down all the way from an already unprecedented low of 3.5% in March to 3.0% in April. Though rather than being encouraged by that data, we’re more convinced than ever that the unemployment rate in the COVID recovery era is all but meaningless as an indicator of our regional economic condition.
For the April data, click here. For our commentary on it all, or on why we’ve mostly given up on the unemployment rate as a measure of recovery, please read on.