The U.S. unemployment rate decreased in October to 5.8 percent.
In October 2013, the unemployment rate was 8.6 percent. The unemployment rate is derived from a federal survey of 5,500 California households.
Nonfarm jobs in California totaled 15,567,600 in October, an increase of 41,500 jobs over the month, according to a survey of businesses that is larger and less variable statistically. The survey of 58,000 California businesses measures jobs in the economy. The year-over-year change, October 2013 to October 2014, shows an increase of 319,500 jobs (up 2.1 percent).
EMPLOYMENT AND UNEMPLOYMENT IN CALIFORNIA
The federal survey of households, done with a smaller sample than the survey of employers, shows an increase in the number of employed people. It estimates the number of Californians holding jobs in October was 17,396,000, an increase of 89,000 from September 2014, and up 426,000 from the employment total in October of last year.
The number of people unemployed in California was 1,361,000 – down by 1,000 over the month, and down by 237,000 compared with October of last year.
PAYROLL EMPLOYMENT DETAIL (SEASONALLY ADJUSTED)
EDD’s report on payroll employment (wage and salary jobs) in the nonfarm industries of California totaled 15,567,600 in October, a net gain of 41,500 jobs since the September survey. This followed a loss of 14,200 jobs (as revised) in September.
Eight categories (construction; manufacturing; trade, transportation and utilities; information; professional and business services; educational and health services; leisure and hospitality; and government) added jobs over the month, gaining 42,400 jobs. Professional and business services posted the largest increase over the month, adding 12,500 jobs.
Three categories (mining and logging; financial activities; and other services) reported job declines over the month, down 900 jobs. Financial activities and other services posted the largest decreases over the month, down 400 jobs each.
In a year-over-year comparison (October 2013 to October 2014), nonfarm payroll employment in California increased by 319,500 jobs (up 2.1 percent).
Ten categories (mining and logging; construction; manufacturing; trade, transportation and utilities; information; professional and business services; educational and health services; leisure and hospitality; other services; and government) posted job gains over the year, adding 324,200 jobs. Professional and business services posted the largest gains on a numerical basis, adding 106,400 jobs (up 4.5 percent). Construction posted the largest gains on a percentage basis, up 5.3 percent (adding 34,300 jobs).
One category, financial activities, posted job declines over the year, down 4,700 jobs (a 0.6 percent decrease).
UNEMPLOYMENT INSURANCE CLAIMS (NOT SEASONALLY ADJUSTED)
In related data, the EDD reported that there were 392,093 people receiving regular Unemployment Insurance benefits during the October 2014 survey week. This compares with 392,823 last month and 405,761 last year. At the same time, new claims for Unemployment Insurance were 52,788 in October 2014, compared with 52,279 in September and 72,737 in October of last year.
