CA EDD News Release: California’s Current Unemployment Rate is 7.5%, Added 44% of New Jobs in August


CA EDD News Release: California’s Current Unemployment Rate is at 7.5%
The most recent unemployment rate for the State of California is 7.5% for the month of August this is a .1 percent improvement from the month of July. The national jobs report for the most recent month of August reported a gain of 235,000 jobs but analysts were expecting 720,000 new jobs would be created, that’s almost half a million jobs less than they were expecting! Gavin Newsom tweeted about CA’s jobs and said “California created 44% of the nation’s new jobs last month. Our state is leading the way on economic recovery.” I think he’s spinning things quite a bit, while on the surface 44% seems like a lot it’s only 103,400 and 2.2 million Californias just lost all unemployment benefits when the programs ended in September so that’s 1 job for every 21 people who are looking. In addition, when determining if California will be eligible for extended benefits through the FED ED extension, we don’t even use the published number of 7.5% which is the True Unemployment Rate (TUR) we use 3.7% which is known as the Insured Unemployment Rate (IUR). So even though it appears that CA’s UI Rate is above 6% which would be enough for FED ED to continue, we go off of the IUR and not the TUR so FED ED benefits will not continue because they have been triggered off. I think this is very misleading and that they should publish both the IUR and the TUR together with the same prominence. With many people applying for new unemployment claims now that benefit have ended, I’m curious to see how our unemployment rate will change in the coming months and if the IUR will be high enough for the FED ED extension to trigger on again.

CA EDD News Release With The Most Recent California Unemployment Rate From August:

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