California Unemployment Falls Below 10%
The unemployment rate in California was 9.8% in November, according to a press release from the state's Employment Development Department. This represents a 30-basis-point decline from October and a 150 bps drop from November 2011.
It also marks the first time in nearly four years the rate has been below 10% in the nation's most economically powerful and populous state.
California is broadly following the wider trend in the country, which has seen its collective jobless rate fall significantly since mid-2011. National unemployment is currently 7.7%.
Year-over-year job gains were particularly apparent in the state's IT sector, which grew its workforce by nearly 6% from November 2011. Construction (4.8%) and leisure and hospitality (4.1%) also grew over that time.
Sectors experiencing a reduction in job ranks included government (down 1.4% over the one-year period), mining and logging (-1.1%), and manufacturing (-1%).
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