California's Unemployment Rate Slightly Dropped in May
California’s unemployment rate dropped slightly to 16.3 percent in May as the state’s employers added 141,600 jobs, according to data released Friday by California's Employment Development Department.
Why it matters:
California lost 2.4 million jobs in April, as a result of the Coronavirus pandemic, and an unemployment rate of 16.4 percent.
The Department of Labor announced Thursday, another 1.5 million Americans filed jobless benefits last week.
Nine of California’s 11 industry sectors gained jobs in May. Construction posted the largest job gain (+75,000) thanks to strength in specialty trade contractors and ongoing construction projects. Leisure and hospitality (+64,800) had the second-largest job gain due to growth in accommodation and food services. Government (-95,800) had the largest drop with state and local government jobs both experiencing large decreases, according to the Employment Development Department.
Just yesterday, Employment Development Department announced that applications for unemployment benefits slightly dopped as total benefits paid since the start of the COVID-19 pandemic soar past $30 billion.