Calif. Unemployment Rate Unchanged At 12.4%
California saw a net increase of 39,000 non-farm jobs in October, with growth in eight categories, including construction, manufacturing and educational and health services, according to figures released Friday.
The area of professional and business services posted the biggest gains, adding 14,800 jobs.
The concentration of gains in professional and business services, which includes high-paying technical and scientific jobs, was a promising sign, said Stephen Levy, senior economist for the Palo Alto-based Center for Continuing Study of the California Economy.
"This is the first very good jobs report we've had," he said.
The state Employment Development Department reported that the number of unemployed people dropped by 10,000 people in October to about 2.26 million. Meanwhile, new claims for unemployment fell from about 75,000 in September to 67,000 in October.
Dennis Meyers, principal economist with the state Department of Finance, said the recovery remained slow. Job gains will have to be much higher to reduce the unemployment rate, given the state has lost 1.4 million jobs since July 2007, he said.
"We're sort of bouncing along the bottom right now with signs there's good things to come," Meyers said.
The state reported job losses in mining and logging, information and financial activities in October. The largest declines were in the financial industry, which lost 4,300 jobs.
The state's unemployment rate has now held at or above 12 percent for 15 months. It continues to be higher than the national average, which also held steady at 9.6 percent in October.
(Copyright 2010 by The Associated Press. All Rights Reserved.)
SAN FRANCISCO (AP) -- California's unemployment rate remained steady last month at 12.4 percent as the state economy showed signs of a strengthening recovery.California saw a net increase of 39,000 non-farm jobs in October, with growth in eight categories, including construction, manufacturing and educational and health services, according to figures released Friday.
The area of professional and business services posted the biggest gains, adding 14,800 jobs.
The concentration of gains in professional and business services, which includes high-paying technical and scientific jobs, was a promising sign, said Stephen Levy, senior economist for the Palo Alto-based Center for Continuing Study of the California Economy.
"This is the first very good jobs report we've had," he said.
The state Employment Development Department reported that the number of unemployed people dropped by 10,000 people in October to about 2.26 million. Meanwhile, new claims for unemployment fell from about 75,000 in September to 67,000 in October.
Dennis Meyers, principal economist with the state Department of Finance, said the recovery remained slow. Job gains will have to be much higher to reduce the unemployment rate, given the state has lost 1.4 million jobs since July 2007, he said.
"We're sort of bouncing along the bottom right now with signs there's good things to come," Meyers said.
The state reported job losses in mining and logging, information and financial activities in October. The largest declines were in the financial industry, which lost 4,300 jobs.
The state's unemployment rate has now held at or above 12 percent for 15 months. It continues to be higher than the national average, which also held steady at 9.6 percent in October.
(Copyright 2010 by The Associated Press. All Rights Reserved.)
