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China Financial Turmoil Doesn't Slow California Economy

  
The worldwide stock market turbulence hasn’t appeared to hurt California’s economy so far. The state added 33,000 jobs last month – and its unemployment rate dropped slightly to 6.1 percent.

In today’s economy, California and China are more connected than ever. Yet despite last month’s devaluation of the Chinese currency and the ensuing financial market chaos, “We’re not seeing any significant slowdown in job creation in California based on what’s going on worldwide,” says Chapman University economist Esmael Adibi.

And on top of that, he says, Thursday’s Federal Reserve Board decision to keep interest rates near zero is good news for California consumers.

“It’s going to keep car buying strong; housing market relatively strong; and overall, we are at pace about growth of three percent for this year,” Adibi says – about the same pace as last year and a very respectable growth rate.

The unemployment rate in the four-county Sacramento area was 5.7 percent in August. That was down from 6.0 percent in July.

Job sectors that saw the biggest increase in August included: local and state government; leisure and hospitality; and trade, transportation and utilities. Sectors that lost jobs include: construction and agriculture.

Ben Adler

Capitol Bureau Chief

Capitol Bureau Chief Ben Adler first became a public radio listener in the car on his way to preschool – though not necessarily by choice. Now, he leads Capital Public Radio’s state Capitol coverage, which airs on NPR stations across California.  Read Full Bio 

Steve Milne

Morning Edition Anchor & Reporter

Steve is the voice of Capital Public Radio News as anchor of Morning Edition and Insight. He covers stories on a wide range of topics including: business, education, real estate, agriculture and music. Steve also produced stories for CapRadio.org.   Read Full Bio