Editorial: Don’t count California out just yet
There are signs that California’s sputtering job engine is starting to come to life.
The group On Numbers has recently posted results that show net new jobs totaling 186,000 in California for the year ended in July.
Only Texas, a state that’s made much of its ability to outcreate California for new jobs, added more employees, with a net gain of 269,000. The turnaround in California stand in sharp contrast to results from Indiana and Georgia, which lost 28,000 and 25,000 jobs respectively in the year ended in July. In a state as big as California, creating just 186,000 jobs might seem like a pittance. And indeed job growth seems to be heavily concentrated in Northern
California with the Central Valley still deeply mired in recession and Southern California clearly lagging.
But, as a lagging indicator, job growth is a sign that at least some employers are confident enough about the future to put out their “help wanted” signs. It may take years for a trickle of job growth to lead to more robust demand for housing and other big-ticket items. But in the meantime, a trickle of job growth certainly beats the alternative.
