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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 ...
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 a surprisingly strong economic report, California employers stepped up hiring in May and the state unemployment rate fell for the first time since 2022.
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).
This is nothing but a steeper version of the short-run Phillips curve above. Inflation rises as unemployment falls, while this connection is stronger. That is, a low unemployment rate (less than U*) will be associated with a higher inflation rate in the long run than in the short run. This occurs because the actual higher-inflation situation ...
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%.
A simple method of decomposition involves regressing real output on the variable "time", or on a polynomial in the time variable, and labeling the predicted levels of output as the trend and the residuals as the cyclical portion. Another approach is to model real output as difference stationary with drift, with the drift component being the trend.
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 ...