Despite 29,000 New Jobs, Calif. Unemp. Rate Jumps to 8.9%
California added 29,100 jobs last month. And on the surface, that doesn’t sound too bad. But the state also revised July’s 38,100 job gain all the way down 27,800 – the third straight time we’ve seen a downward revision.
Chapman University economist Esmael Adibi calls the summer’s job growth “tepid.”
“This is consistent with what’s happening at the national level. Yes, we’re creating jobs, but the pace is not gaining momentum,” Adibi says.
That means there aren’t enough jobs for all the Californians who have been self-employed and are now looking for work in what they’re told is a recovering economy.
“So that explains mainly why unemployment rate has gone up,” Adibi says - from 8.5 percent in June to 8.7 percent in July to in this latest report for August, 8.9 percent.