Tuesday, October 24, 2006

Ten of California's 11 major industry sectors gained jobs in September

For the detailed data and more:

Ten of California's 11 major industry sectors gained jobs in September. State payrolls also rose by 17,300 jobs in September, following gains of 36,800 jobs in August (revised) and 6,600 jobs in July. California's year-over job gains totaled 179,800 (1.2 percent) in September. The State's fifth consecutive month of job growth.

The largest job gain was in educational and health services (4,600 jobs), followed by manufacturing (4,000 jobs), and leisure and hospitality (3,900 jobs). The only industry sector to lose jobs was trade, transportation, and utilities (900 jobs).

California gained 179,800 jobs over the year. (1.2 percent) in September 2006. But is below the pace of the two prior years. In September 2005 job gains peaked at 311,600 (2.1 percent). By and large, the cool down in the State's housing sector and increase in interest rates has translated into

slower job growth in California's construction; trade, transportation, and utilities (and particularly retail trade), professional and business services; and financial activities sectors.

California's share of the nation's gain 34 percent. Although the nation's job gain, at 51,000 in September, was its smallest monthly increase since October 2005, it was tempered by an upward revision totaling 60,000 jobs to the August data.

California's job growth over the last two months was stronger than nation's, longer time comparisons tell a different story. Whereas nonfarm payrolls in California increased by 1.2 percent over the last year, they rose 1.3 percent nationally. Year-to-date U.S. and California nonfarm payrolls grew by 0.9 and 0.8 percent, respectively.

Generally, as has been the case for most of the last 10 to 15 years. Sacramento continues to outperform the State and Nation but likewise is feeling some of the economic slowdowns in construction and the housing market with finance and real estate sectors also feeling the pinch.

On the positive side, Sacramento is not seeing a free fall and the sales numbers appear to show a market that still has buyers and over all a resilient economy. The coming months are fairly predictable with the retailers gearing up, ski resorts hoping for snow and wet weather slowdowns in construction.

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