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Okun's law is an empirical relationship. In Okun's original statement of his law, a 2% increase in output corresponds to a 1% decline in the rate of cyclical unemployment; a 0.5% increase in labor force participation; a 0.5% increase in hours worked per employee; and a 1% increase in output per hours worked (labor productivity).
It lowered the state’s unemployment rate to 5.2% from 5.3%, which was the highest in the nation. The added jobs accounted for 16.1% of the country’s gains while California has an 11% labor ...
In a surprisingly strong economic report, California employers stepped up hiring in May and the state unemployment rate fell for the first time since 2022.
California employers, overall, added on net 6,800 new jobs in August. That was well below the state's monthly average of 17,750 this year and its population-based share of the nationwide August ...
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%.
Public employment service, unemployment insurance and payroll tax agency: Headquarters: 722 Capitol Mall, Sacramento, California: Employees: approximately 10,000 [1] Annual budget: US$ 882 million (2018–2019) Parent agency: California Labor and Workforce Development Agency: Website: www.edd.ca.gov
Immigrants and new entrants to the workforce will often accept lower wages, causing persistent unemployment among those who were previously employed. [ 7 ] [ 8 ] Surprisingly, the U.S. Bureau of Labor Statistics (BLS) does not offer data-sets isolated to the working-age population (ages 16 to 65). [ 9 ]
California's economy kept humming in September, dropping the unemployment rate to a record low 4% statewide and under 2% in San Francisco and some of its neighboring counties, a level that ...