From the EDD release for January |
The Golden State‘s economy may now be poised to turn a corner thanks to accelerating vaccinations, a loosening of restrictions on businesses and schools, and massive federal aid, but steep labor losses have delayed recovery: In December and January, the state shed 145,300 payroll jobs, according to a report from the Employment Development Department.
“As it turns out, the labor market fallout in 2020 was significantly worse than original estimates suggested,” said Taner Osman, research manager at Beacon Economics in Los Angeles. “While we expect a strong recovery in 2021, it would take an unprecedented hiring surge to regain the lost jobs, as well as the jobs we would have added during normal times.” ...
Full story at https://www.latimes.com/business/story/2021-03-12/california-job-losses-spiked-during-winter-covid-19-surge
Our post on Thursday from the new weekly unemployment benefit claims data is in keeping with this report - as are our earlier posts from the claims data.
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