You know the answer by now: Our lower unemployment rate for December is almost 100% due to people no longer looking for work, leaving the state, or retiring (a.k.a. the lower “labor force participation rate”) — even after counting the young adults entering the CA work force marketplace.
Here’s another unnerving aspect to consider: Our CA jobs grew by 700. But the jobs gained too often were low paying service jobs, while the jobs lost paid far more.
From the same report:
“Largest growth sector was 8,300 jobs in Leisure & Hospitality (average annual wage $23,950); largest decline sector was 12,300 jobs in construction (average annual wage $57,100).”
Meanwhile our CA state and local taxpayer obligations for unfunded government liabilities is growing at a LOT faster rate. THAT is not sustainable.