We have been tracking weekly new claims for unemployment benefits in California as an index of the labor market and general economy. For a long time, we were stuck at around 60,000 when 40,000 would be more like normal. We seem now (as of the end of the week ending Feb. 12) to be about half way towards normal, about the same as last week. California still has a higher-than-average unemployment rate.
As always, the weekly data are at https://www.dol.gov/ui/data.pdf.
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