State Jobless Rate Dips in May
California’s unemployment rate declined in May as the number of payroll jobs in the state hit an all-time high.
Friday, June 17, 2005
The state Department of Finance’s Chief Economist Howard Roth called last month’s jobs report a pleasant surprise.
"Unemployment dropped by a tenth of a per centage point to 5.3 per cent in May and we gained 17, 600 jobs in the industry survey, so overall – which was twice our share of the national gain in jobs. "
Roth says that for the first time, the jobless rate is now lower than it was just before the 9-11 terrorist attacks in 2001. Almost 17 million Californians had payroll jobs last month.
Southern California continues to do better than the Bay area in job creation, and the Sacramento metro area is doing well. Roth says he expects healthy job growth will continue for the next six months with the jobless rate dropping toward five per cent