Job Reports and Statistics

As labor market tightens, California unemployment rate sinks to 4.7% in May

As labor market tightens, California unemployment rate sinks to 4.7% in May

California businesses added a net 17,600 new jobs in May, dropping the unemployment rate to 4.7%, according to data released Friday by the state’s Employment Development Department.

The jobless rate tied a record low reached in November 2000, the agency said.”This is positive news for the state of California in terms of its pace as a steady rebound from sluggish growth,” said Dave Smith, an economist at the Pepperdine Graziadio School of Business and Management.

The report follows a disappointing April, when the state lost jobs for the first time in several months. The May unemployment rate dropped from 4.8% in April, but it still hovers above the national rate of 4.3%.“That’s...

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