California has now regained 93% of the jobs it lost at the start of the pandemic.
SACRAMENTO — California posted another strong jobs report on Friday as the unemployment rate fell to its lowest point since before the pandemic; but the news was overshadowed this week by the surest signs yet of a wobbly economy that could soon usher in a recession.
California’s economy will likely be impacted more than other states by those developments, given the state’s reliance on real estate and income derived from capital gains — money made from the sale of various assets, including stocks. While the median home price in California set another record in May at $898,980, the monthly average interest rate on a 30-year fixed mortgage surpassed 5% for the first time since April 2010. The result was 9.8% fewer homes were sold in May compared to April, a 15.2% decline from one year ago. It was the lowest sales level since June of 2020, according to the California Association of Realtors.
“My advice for job seekers or anyone who may still be on the sidelines or looking for work: Now is the time to try to get back in. It’s going to get more difficult,” said Michael Bernick, research director for the California Workforce Association and an attorney with the Duane Morris law firm. “As of today, I would say we’re not as concerned about retail sales overall,” Michelin said. “But I think definitely when you look at some of the big national retailers lowering their expectations, we are bracing for an economic downturn, which then obviously will lead to even more job loss in the retail sector.”
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