California employers boosted hiring in February as workers moved more rapidly off the sidelines into the job market to expand the labor force.
Payrolls rose by 14,600 positions, accounting for nearly three-quarters of an unusually low 20,000 jobs added nationwide last month, state employment officials reported.Year-over-year, the state has added 222,500 jobs, the second-largest number after Texas and an increase of 1.3%. That is half of last February’s annual pace of 2.6%.
California had an unemployment rate of 4.2% in February, down a notch from 4.3% a year earlier. Statewide, 18,725,100 were counted as employed last month, and 867,600 as unemployed.“California’s labor market is essentially at full employment, and has been for most of the past year,” said Robert Kleinhenz, economist at Beacon Economics.
Construction, which showed large gains last year, has lost jobs in each of the last two months, he noted, as an increase in interest rates late last year led to a temporary chill in real estate sales. Also, this has been one of the wettest and coldest winters in many years. “This is expected to turn around, “Kleinhenz said. “California building permits in January showed an increase, and the housing market is expected to respond favorably over the next months to lower interest rates and a larger inventory for sale.”
Professional and business services accounted for 12,500 of the net gain in February jobs. Other sectors, including leisure and hospitality, trade, transportation and utilities, and educational and health services, added positions too.
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