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California fully recovers all jobs lost to the pandemic-induced recession

California created more than 20% of the nation’s new jobs in October
California Jobs
Posted at 1:21 PM, Nov 18, 2022
and last updated 2022-11-18 22:51:39-05

In October, California fully recovered all jobs lost during the pandemic-induced recession by adding more than 56,000 jobs, the governor's office reported Friday.

The state lost 2,758,900 jobs during the pandemic and has recovered 101.1% of those jobs.

According to a press release from Gov. Gavin Newsom's Press Office, the state is now 30,800 jobs above the pre-pandemic total of February 2020.

Eight out of 11 job sectors added jobs — education and health services had the largest gains, followed by professional and business services, and leisure and hospitality.

California marked the 13th consecutive month of job growth in October and accounted for more than 20% of the nation’s new jobs.

California's unemployment rate 4.0 percent in October.

San Luis Obispo County's unemployment rate was 2.5 percent, the same as it was in September. In Santa Barbara County, it was 2.8 percent in October, up slightly from 2.7 percent in September.

Despite the overall job gains, state officials have been warning of a possible economic recession. Inflation remains stubbornly high, making everything more expensive. The Federal Reserve has increased a key interest rate, which has had a chilling effect on the rest of the economy. Some of Silicon Valley's best-known companies — Facebook, Lyft, Cisco, Salesforce — have announced layoffs. And California government officials announced Wednesday they are anticipating a $25 billion budget deficit next year.