This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

California Jobless Rate Dips To 9.6 Percent

By JUDY LIN

SACRAMENTO, Calif. (AP) â¿¿ California's jobless rate dipped to 9.6 percent last month, the lowest rate since December 2008 when the nation was gripped by the financial crisis, state officials announced Friday.

The state's Employment Development Department reported California added 293,800 jobs in the past 12 months for a 2.1 percent gain. That outpaces the national job growth of 1.5 percent, keeping the state ahead for 2013 despite its slowly declining unemployment rate.

The statewide unemployment rate fell from 9.8 percent in January after dropping below double digits this past winter.

"After a long recession and housing crisis in which the state lagged the nation in job growth, California is once again one of the nation's job growth leaders," wrote Stephen Levy, director and senior economist at the Palo Alto-based Center for Continuing Study of the California Economy, in his assessment of the latest employment figures.

The state added the most jobs in February in areas that are traditionally strong in California, such as technology, tourism and construction. Construction jobs increased by 5,700 for the month, signaling renewed strength in the housing market.

Levy said while previous months' job gains were regional, the increases are now widespread.

The San Francisco Bay Area led the state with above average gains and Southern California saw year-over-year gains in Los Angeles County, Orange County and in the Inland Empire.

Overall, the department reported nonfarm jobs increased by 41,200 during February, bringing the state total to 14.6 million. That's compared to only 4,200 jobs gained in January.

The survey found jobs increased in the construction, financial services and leisure and hospitality sectors. But manufacturing, transportation and health services slipped over the previous month.

The number of people who are actively searching for work and considered unemployed in California fell below 1.8 million in February for the first time since January 2009. That's down from 2 million last February.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs