California adds 24,000 jobs in June, surpassing pre-recession peak

[OneCrazyDiamond]

Source: LA Times

California's unemployment rate dipped to 7.4% in June, a month in which the state finally recovered all the jobs lost during the recession.

Data released by the U.S. Bureau of Labor Statistics on Friday showed that California added more than 24,000 jobs in June, capping a year of steady employment growth for the state. Over the past year, California's unemployment rate has fallen from 9%, and the state has added more than 356,000 jobs.

More than 15,472,000 people were on nonfarm payrolls in June, surpassing the pre-recession employment peak of 15,449,000 in July 2007.

The highest growth areas since May were in education and health services and trade, transportation and utilities, which added 12,000 and 11,000 jobs, respectively.

Read more: http://touch.latimes.com/#section/-1/article/p2p-80838521/

---

[BrotherIvan]

1. There is construction EVERYWHERE

It's annoying as hell, but hopefully good for the economy. The housing market is improving. Now we just need to quit the shenanigans on public transport and implement single payer and we will be riding high.

[JDPriestly]

2. Good news! Tourism helps, I think.

But we still have lots of people in their 50s and up who have virtually given up looking for a job. I think that lowers the percentage too.

We will know that the US (national) economy has improved when interest rates on bank savings and loans go up. That means that people have recovered their credit and are borrowing and that the demand for money has risen due to more exchanges of money, more sales, more purchases, higher paychecks, etc.

As long as there is too much money, interest rates stay low.

The key isn't jobs. The key, the way you know an economy has recovered, is to look at the disparity in income. When you have to pay more to get work done or to buy something, you know that demand is up. When demand is up, people get hired and the REAL unemployment rate goes down.

We aren't quite there yet. When wages start to rise, then we are in a real recovery.

[n2doc]

3. Oh that horrible, no good, high tax high regulation state!

I'm sure the TRUTH will be ignored for the more compelling LIES by the Media.

[Dopers_Greed]

4. I thought that California was "bad for business"

I guess Rick Perry isn't bribing companies to move to Texas fast enough.

[former9thward]

5. What kind of jobs?

Full time or part time? Nationally in June, which the CA numbers are part of, there were 288,000 jobs added. Hurrah, until the devil came out in the details. There were 523,000 full time jobs lost and they were replaced with 799,000 part time ones for a net gain of 288,000 jobs. There were only 12,000 full time jobs added.

[yuiyoshida]

6. Wooot!!!