California’s job crisis deepens as growth stalls and unemployment soars
Despite its reputation for attracting talent, California's job market is struggling. The state now faces slow employment growth, high unemployment, and a persistent budget deficit. Many residents and businesses are feeling the strain as economic challenges mount. The latest figures show California's year-on-year employment growth at just 0.39%, well below the national average of 0.91%. While the US economy added 119,000 jobs in September—beating expectations—California has yet to see any payroll job growth this year. Some major metro areas, including San Francisco, have even recorded annual job losses. High taxes, strict regulations, and soaring real estate costs continue to hinder job creation. Businesses find it harder to expand, and many growing companies choose to leave the state. Over eight in ten adults in California now view the lack of well-paying jobs as a significant or moderate problem. The state also holds the highest unemployment rate in the nation, a position it has maintained for several months. Meanwhile, California's budget deficit has reached $18 million for the fourth consecutive year. Governor Gavin Newsom, in office since January 2019, has faced calls to prioritise improving the job climate rather than attending international climate conferences. California's economic struggles persist, with slow job growth, high unemployment, and ongoing budget shortfalls. Without changes to ease business burdens, the state risks losing more companies and missing out on broader economic recovery. Residents and employers alike are watching closely for signs of improvement.
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