Lagged Improvement

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The U.S. Bureau of Labor Statistics has released labor market estimates for October by state and some localities. As can be seen above, the unemployment rate has been declining in California (and the LA area). Note the timing difference between this survey, which is for a period a month before the period of our post yesterday. We will continue to get mixed pictures of the state economy. For example, the seaports are apparently doing a high level of volume. Meanwhile, the state is now entering a modified coronavirus curfew which will particularly adversely affect such sectors as restaurants and other service areas.

You can see the latest labor market release at https://www.bls.gov/news.release/pdf/laus.pdf.