Wow! Hiring in California explodes!!

Screenshot 2018-03-10 at 08.55.17.pngHiring surged last month at its fastest pace since mid-2016, according to the Los Angeles Times.

The unemployment rate held steady at 4.1%, the lowest since 2000, as the labor force swelled by 806,000. That was the biggest increase since 2003 and indicated more people were coming off the labor market sidelines to look for work.

The 313,000 net new jobs added in February far exceeded analyst expectations and were a major increase from the previous month’s upwardly revised 239,000 figure. Job growth for December and January was revised up by a total of 54,000 positions, meaning the economy has added a robust average of 242,000 jobs in the last three months.

In California, wages rose faster in 2016 and 2017 than in the nation as a whole, according to data from the Bureau of Labor Statistics.

In December, the most recent month for which state data are available, average hourly earnings rose 3.7% from a year earlier to $30.45.

For all of 2017, the average annual increase in the state was 3.9%. For the U.S., it was 2.7%.

In Sacramento, policymakers are privately seething. The can’t stand the thought that President Trump’s economic policies are creating an economic boom for the state, and the nation.

 

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