
The California Labor Market Information Division has released its August 2024 report, showing a slight uptick to the unemployment rate, from 5.0% in July to 5.2% in August. We’re currently up from a low 3.6% just a few months back in May, and also up from one year ago, in August 2023, at 4.8%.
While a rise in the unemployment rate in the summer months is routine, we are seeing a real and troublesome increase in the number of unemployed workers (that is, residents looking for work but either not finding it or not choosing to take it). At 21,600 unemployed workers, that’s the highest number we’ve had since 2021, back when we were still in the throes of COVID.
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