As we have been noting on a weekly basis, new weekly claims for unemployment insurance in California remain stuck at around 60,000 when normal would be around 40,000. Additionally, the official state unemployment rate remains well above the national average. Thus, there is a contrast between the state budget outlook, which we reviewed earlier this week,* and the underlying economy.
The latest new claims data are at https://www.dol.gov/ui/data.pdf.
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*http://uclafacultyassociation.blogspot.com/2021/11/state-budget-outlook.html.
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