California Job Tracker: May 2014
One-Fourth of California Remains at Full Job Recovery
Seven of California's major metropolitan areas have recovered all of the jobs lost during the Recession, according to March 2014 nonfarm payroll data. These include the metropolitan statistical areas (MSAs) of San Francisco, San Jose, San Diego, San Luis Obispo, El Centro, Bakersfield, and Napa. Revised data shows that Merced has slipped back slightly from its prior peak after briefly joining the full recovery club. The seven regions account for about 25% of the state’s total employment. (See Figure 3.)
The seven metropolitan areas collectively have added 155,000 jobs relative to their prior employment record highs. The San Francisco-San Mateo-Redwood City area has led with a job gain of nearly 68,000 jobs. San Jose has followed with a large net growth of 59,000 positions.
Certain parts of the state continue to experience the aftermath of the real estate boom and subsequent collapse. Employment in the Inland Empire (Riverside and San Bernardino Counties) is down by approximately 49,000 from its prior peak. The Sacramento metropolitan area is still off by about 40,000 jobs.
Although impacted by its weaker links, the overall state continues to move toward a full job recovery. As of March, California’s nonfarm employment was down by about 84,000 from its prior pre-recession peak of July 2007. If monthly job growth reaches the average achieved during 2013, the state will have reached a full recovery in jobs in about three months.
See raw data: Employment numbers by region
Figure 3: Regions Where Job Recovery Has Met Pre-Recession Peak
(Nonfarm employment, seasonally adjusted)
Sources: U.S. Bureau of Labor Statistics, California Employment Development Department, Fermanian Business and Economic Institute
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