All About Jobs

The State of California is highly affected by the worsening scenario of the US economy. The downward trend in home prices and increasing home foreclosures in California market significantly contributed to the unemployment rate, reaching a high of 7.3%.

The construction industry continued to exhibit the highest numerical and percentage decline with 83,000 job losses, down by 9.3%. The manufacturing, trade, transportation and utilities, information, financial sector and other activities followed suit, posting a total of 178,500 job losses.

Despite the lack of economic stability, California workers are confident in their ability to find a new job. The workers’ optimism stemmed from the increasing demand in the areas of business and professional service as well as trade and hospitality, which showed positive growth in employment.

These sectors contributed a total of 102,600 job gains. Educational and health services showed the highest numerical gains, adding 47,000 jobs, a 2.8% increase. In terms of percentage increase, natural resources and mining posted a 3.5% increment, adding 900 jobs.

The state is sensitive to the effect of economic slowdown. To ease the displaced workers’ burden, the state, through its Employment Development Department (EDD), ensures that workers who are struggling to find jobs benefited from the extended unemployment insurance (UI) authorized by the Congress and by President Bush. The extended unemployment insurance benefits program will remain in force until March 2009.