More than 327,000 Californians have given up looking for new jobs! California’s unemployment rate fell to 8.2 percent in November, down for the sixth consecutive month since peaking at 16.4 percent in May, but added jobs instead, down to 57,100, compared to 145,500 in October.
One reason for the decline in jobs and simultaneous decline in unemployment is that more than 327,000 Californians are no longer looking for new jobs. Since the start of November 2019, 600,000 people have given up looking for a new job, half of them in November alone.
Sung Won Sohn, an economist at Loyola Marymount University, says there are many reasons for quitting the job search, including staying home to take care of children and going back to school to learn new skills, but nothing is worse than the frustration of not having a new job opening.
Sung Won Sohn believes that this trend is very much like the calm before the storm, the governor’s new ban is afraid that the employment situation will further deteriorate, but we would rather see, although the unemployment rate increased, but the job opportunities become more, because it means that the unemployed will still find a job.
California accounts for 11% of the U.S. workforce, but the percentage of people claiming unemployment benefits is 21%. To make matters worse, California has lost 1.3 million jobs in the past 12 months, a 23.4 percent drop so far this year alone.
And unemployment is not evenly distributed. The unemployment rate for people earning more than $60,000 a year has only decreased by 0.5% so far in January, but the unemployment rate for those earning less than $27,000 a year has dropped by 26.8%.
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