California Unemployment Rate
The unemployment rate within the United States measures the amount of people who are without employment versus the total number of workers within the labor market. This jobless rate then translates into a percentage that fluctuates on a monthly basis depending on certain circumstances within the labor bureau. The unemployment rate is an important number to monitor, as it is a direct reflection of the economic standing for each state as well as the country as a whole. By figuring out the unemployment rate in each state, economists and government officials can make decisions regarding declaration of a recession or an increase in budgetary allotments for each state.
What is the unemployment rate in California?
For those living on the west coast wondering, “What is the unemployment rate in California,” the answer as of May 2017 is 4.7 percent. The jobless rate in CA has not been this low since 2006. The unemployment rate in California clocks in at 0.3 percent above the national average of out-of-work residents. In March 2017, the increase in job creation was at an impressive 19,300 jobs, which is what caused the unemployment rate in California to drop below 5 percent. The reason for such a large drop should be credited to the Construction sector of employment, which increased payrolls by 18,900 jobs. The information sector, which normally is a contributor between Silicon Valley and Hollywood, unfortunately did not have such a great start to the year, as it cut back on jobs by almost 10,000 in March alone.
For those California workers struggling with unemployment, the state provides unemployment insurance benefits based on eligibility and circumstance. Each state has their own requirements in order to be eligible for unemployment. For example, California has three eligibility requirements in order to collect unemployment benefits. Individuals must meet minimum thresholds in their earnings prior to unemployment, individuals must be unemployed through no fault of their own and individuals must be available for work if an opportunity arises.