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California may or may not be in a recession. But how would you know — and why should you care? ... California’s June unemployment rate was 4.2%, historically low but still above the nation’s ...
In California, for instance, the state unemployment rate hit 5.3% in February, up 0.8% from a year ago and the highest in the nation. New Jersey's unemployment rate hit 4.8% in February, also up 0.8%.
In the Great Depression, GDP fell by 27% (the deepest after demobilization is the recession beginning in December 2007, during which GDP had fallen 5.1% by the second quarter of 2009) and the unemployment rate reached 24.9% (the highest since was the 10.8% rate reached during the 1981–1982 recession).
The counties with the highest unemployment rates were generally located in inland areas and had lower levels of income. Unemployment rate has reached 12.4 percent in 2010 which is highest recorded from 1976. Unemployment rates in California reached historic lows in 2000 and 2006.
For the second month in a row, California posted the highest unemployment figure in the country. And it was one of only two states with a jobless rate above 5%.
[2] [5] Prior to the onset of the early 1990s recession, the nation enjoyed robust job growth and a declining unemployment rate. The Labor Department estimates that as a result of the recession, the economy shed 1.623 million jobs or 1.3% of non-farm payrolls. The bulk of these losses were in construction and manufacturing. [2]
The U.S. unemployment rate ticked up to 4.1% in June from 4% in the prior month, nearly triggering a reliable recession indicator. While unemployment is still historically low, its rate of ...
California’s economy grew at a healthy 3.1% rate from the end of 2022 until the end of 2023, the federal Bureau of Economic Analysis said. There was job growth in some areas.