California Created 275,000 Fewer Jobs; Suffered Lowest Employment Growth in 2023

Published on March 20, 2024

California created about 275,000 fewer jobs than estimated between September 2022 and September 2023, according to a new report. Citing Bureau of Labor Statistics (BLS) data, the Legislative Analyst’s Office (LAO) found that the state added only 50,000 jobs in the 12-month period, down from initial estimates of 325,000. “The corrected data show that the state added just 50,000 jobs between September 2022 and September 2023,” wrote the non-partisan LAO. “The monthly jobs report, which the administration and the Legislature relied on to gauge the economy during that period, showed the labor market growing steadily, appearing to add more than 300,000 jobs over that period.” The sharp downward revisions in the employment surveys revealed an overestimate in the number of in several sectors. The decreased counts were reflected in many high-paying industries, including professional services (132,000), finance (36,000), and information (11,000)....

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