We have been tracking new weekly claims for unemployment insurance as a proxy for recovery in the California labor market. By this measure, at least, we are still not roaring back (at least through the week ending June 12). Basically, getting "back" would be weekly claims in the 40,000-50,000 range. And we have been stuck in the 60,000-70,000 range.
As we have also noted, the state budget - flush with cash - is somewhat detached from the underlying economy. The governor and the Democratic legislative leaders have not yet come to a full agreement on the 2021-22 budget which needs to be in place on July 1, just a week from now.
As always, the latest new claims data are at https://www.dol.gov/ui/data.pdf.
No comments:
Post a Comment