CA’s Job Picture: The Good, the Bad, and the Ugly

California has added 826,500 non-farm jobs since the low of February 2010, but is still short 541,400 non-farm jobs from California’s July 2007 high. However, there are also 692,511 more workers than in July 2007, meaning there is a gap of 1.2 million jobs (8.2%). This also doesn’t include those individuals who have left the workforce because they believed looking for a job was futile.

Construction currently accounts for 616,500 jobs, 35% off the high of 945,100 set in February 2006, up only 13% from the low 544,700 in September 2010.

The bright spot is in business and professional services, which at 2,310,500 jobs in August 2013, is at an all-time high, now accounts for 16% of California’s non-farm jobs, and is the second largest non-government supersector just behind Trade, Transportation, and Utilities. Compare the ten-year table on that sector to that of Manufacturing, which has been on a decline for two decades.

California’s unemployment rate was 8.9% in August, a significant reduction from the 12.4% that haunted most of 2010, although some reduction in the rate (as pointed out above) is due to to disaffected workers leaving the workforce. Even at 8.9%, that is significantly higher than the roughly “full employment” rate of 5% the state saw through most of 2006 into early 2007.

Despite many of these gloomy numbers, there’s a fascinating thing: California’s personal income was at an all-time high of $1.768 trillion in 2012, and will likely set another record this year. That’s 15.1% higher than the recession’s low in 2009 and 10.7% above the pre-recession high of $1.596 trillion in 2008. Even on an inflation-adjusted basis, personal income is higher than the all-time high before the recession.

However, the swelling personal income does not appear to be buoying retail. While the Business and Professional Services sector has seen a jobs increase of 2.5%, Trade, Transportation and Utilities–which includes retail–has only increased 1.3%. One bright spot is new car sales, which at 146,498 in June are double the 2009 lows and at levels not seen since 2007, as financing has eased and consumers return to a more regular car replacement schedule (yes, I am still driving a 2005 Prius).

Via: California Political Review

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THE BIG FAIL: Four Years Of Obama Has Left America Facing A Cruel New Normal Of Chronic Unemployment And A Stagnant Labor Market

OBAMA CAME INTO OFFICE PROMISING A RECOVERY BUT NOW ASKS FOR ANOTHER FOUR YEARS AFTER FAILING TO LOWER THE UNEMPLOYMENT RATE

“Obama, Who Came Into Office Promising To Bolster The Middle Class And Reduce Inequality, Has Presided Over A Turbulent Economy That So Far Has Done Neither.”“Analysts call continuing high levels of joblessness a prime factor in the income and wealth declines that have continued for most Americans even after the recession ended. Obama, who came into office promising to bolster the middle class and reduce inequality, has presided over a turbulent economy that so far has done neither.” (Michael A. Fletcher, “Obama’s Record: Struggling To Bring Back Jobs,” The Washington Post, 10/18/12)

Since Obama Took Office, The Unemployment Rate Has Increased From 7.8 Percent To 7.9 Percent. (Bureau Of Labor Statistics, Accessed 11/2/12)

• Obama’s Advisers Predicted The Stimulus Would Lower Unemployment To 5.4% By Today. (Christina Romer and Jared Bernstein, ” The Job Impact Of The American Recovery And Reinvestment Plan,” 1/9/09)

• James Pethokoukis: “10.6%: Unemployment rate if labor force participation rate was the same as when Obama took office” (James Pethokoukis, Twitter Feed, 11/2/12)

Since Obama Took Office, The Nation Has Lost 1,019,000 Construction Jobs And 586,000 Manufacturing Jobs. (Bureau Of Labor Statistics, Accessed 11/2/12)

• In October, Motor Vehicle And Parts Manufacturers Lost 2,100 Jobs. (Bureau Of Labor Statistics, Accessed 11/2/12)

There Are 23 Million Americans That Are Unemployed, Underemployed Or Marginally Attached To The Labor Force. (Bureau Of Labor Statistics, Accessed 11/2/12)

• In October, The Number Of Unemployed Workers Increased By 170,000 To 12.26 Million. (Bureau Of Labor Statistics, Accessed 11/2/12)

There Are 8.3 Million Americans Working Part-Time For Economic Reasons. (Bureau Of Labor Statistics, Accessed 11/2/12)

• 813,000 Discouraged Workers Have Given Up Looking For Work. (Bureau Of Labor Statistics, Accessed 11/2/12)

In October, The Unemployment Rate For 20 To 24 Year Olds Increased To 13.2 Percent From 12.4 Percent. (Bureau Of Labor Statistics, Accessed 11/2/12)

In October, The Hispanic Unemployment Rate Increased From 9.9 To 10.0 Percent.(Bureau Of Labor Statistics, Accessed 11/2/12)

• The African American Unemployment Rate Increased From 13.4 Percent To 14.3 Percent. (Bureau Of Labor Statistics, Accessed 11/2/12)

Via: GOP.com

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1,035,000: Construction Jobs Lost Under Obama

(CNSNews.com) - When President Barack Obama signed his economic stimulus legislation on Feb. 17, 2009, he said that one impact of the act would be to create jobs for 400,000 people building and rebuilding the nation's infrastructure.

But despite a price tag that the Congressional Budget Office now says was $833 billion, the economic stimulus of February 2009 did not create 400,000 new construction jobs.

In fact, according to the Bureau of Labor Statistics there are now 1,035,000 fewer construction jobs in the United States than there were in January 2009, when Obama was inaugurated, and 925,000 less than in February 2009 when Obama signed his stimulus act.

The decline in construction jobs in the United States did not start when President Obama took office, but the $833 billion stimulus act he pushed through Congress and signed did not stop or reverse that decline.

According to the National Bureau of Economic Research--on which Obama's former top economic adviser Christina Romer serves--says that the last recession ended in June 2009. Since then, according to BLS, America has lost 484,000 construction jobs.

In September 2012, according to BLS, 5,523,000 Americans had jobs in the construction industry. That is down from 6,558,000 in January 2009, when Obama took office; it is down from6,448,000 in February 2009, when Obama signed the $833 billion stimulus; it is down from 6,007,000 when the recession ended in June 2009; and it is down from 5,564,000 from January of this year, when Obama started the fourth year of his presidential term.\

Via: CNS News

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