The month of March was a month that brought mild optimism to many about the national and local economy. It was the first of only two months so far in 2024 in which the unemployment rate did not increase, and 2.9 million jobs were reportedly created in the 12 months to the end of March.
But the Bureau of Labor Statistics (a division of the U.S. Department of Labor) shattered that illusion on Wednesday when it released new data showing 818,000 fewer jobs were created than initially reported.
This means that around 2.1 million new jobs were created in the US last year instead. The statistics do not take into account job losses.
In March, the unemployment rate in the United States was 3.9%, representing about 6,429,000 unemployed. Taking into account the new, revised data, the average monthly job gain from April 2023 to March 2024 was 173,500, compared to nearly 242,000 originally reported.
And there could be more corrections to come. The revisions published on Wednesday were only preliminary. The final statistics will not be published until February.
In California, the national unemployment rate in March was 5.3%, or about 1,032,000 people. This number remained constant until July, when the unemployment rate rose to 5.8%, or 1,124,300 employed people without a job.
July was the fourth consecutive month that the national unemployment rate rose, rising to 4.3 percent, which translates to about 7.2 million unemployed. At the same time, employers created only 114,000 new jobs in July.
According to preliminary data from the California Department of Employment Development, Stanislaus County had about 231,400 people employed in July, up 2,400 from June. A simultaneous increase in the labor force by 4,500 people (250,000) and 1,200 job losses, however, pushed the unemployment rate up from 5.3% to 5.8%.
The labor market in Merced County shows a similar picture, the EDD said. In July, about 2,400 more people were employed, but the unemployment rate rose by a full percentage point, from 8.6% to 9.6%. This means that about 11,900 people are without work, while the number of employed people rose to 124,300 (an increase of 3,100 people) and 400 people became unemployed.
Those looking for a job can find resources at www.edd.ca.gov/en/jobs.
