IE Business Daily Business news for the Inland Empire.
California added a mere 800 jobs in June, a huge drop from the two preceding months.
That was the major downside in the jobs report released by the state Employment Development Department.
The upside was that California’s unemployment rate remained a 4.2 percent, a sign that the lack of job growth could mean the state is getting closer to full employment, according to reports.
State employers added approximately 7,200 jobs in May and nearly 26,000 jobs in June.
“As anticipated, labor force constraints are increasingly putting the pinch on job growth,” said Robert Kleinhenz, executive director of the UC Riverside School of Business Center for Economic Forecasting and Development, in a statement. “At 1.6 percent, yearly job growth in June was considerably lower than the 2.4 percent growth rate of a year ago.”
The Inland Empire unemployment rate was 4.7 percent in June, well below the 5.3 estimate made one year ago, according to the department.
