Our weekly look at new weekly California claims for unemployment insurance (week ended Dec. 2) show the number popping up to where it was two weeks before after a one-week drop. It looks like there was a draw down during the "Black Friday," etc., sales period and then a return to the prior level. The national unemployment rate showed a drop for November. So, there still seems to be a strong labor market but without the very high level of vacancies (labor shortages) in the immediate post-pandemic period. We have noted that the California public sector will be feeling the effects of the developing state budget problem which seems in large part to reflect tax receipts (or lack thereof) from financial markets.
As always, the latest new claims data are at https://www.dol.gov/ui/data.pdf.
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