Experts said the state’s falling unemployment rate is mostly because so many people have stopped looking for work.
Statewide, the unemployment rate improved to 9.3% in October from 11.1% in September.
The state’s unemployment rate increased 10.2 percentage points since March, the largest one month rise since 1976, when the state began using its current formula to measure job losses.
More than 878,000 Californians filed for unemployment last week, a massive increase from the previous week.
The surge in weekly applications was a stunning reflection of the damage the viral outbreak is inflicting on the economy. Filings for unemployment aid generally reflect the pace of layoffs.
The unemployment rate in Long Beach declined in May to a new all-time low of 4.4 percent, compared to 4.7 percent reported in March, city officials announced today.
The unemployment rate in Long Beach fell to 4.7 percent in March, around a 1 percent drop since the same time last year, city officials announced Monday.
The downward trend of unemployment in the City of Long Beach continued today, as the city released its April figures showing that Long Beach currently has a 5.5 percent unemployment rate, the same mark witnessed in June 2007 before the global financial crash. In total, the local economy has added 21,600 jobs since July 2010, when the unemployment figure peaked at 14.6 percent.
Long Beach’s unemployment rate is at its lowest since May 2008, the city announced today, hitting 7.6 percent this past August, down from a peak of 14.6 percent unemployment in July 2010.