As California Governor Newsom celebrated 43,700 reported new jobs in May, a California government agency warned final numbers will likely be lower than what Newsom claims. On the bright side, preliminary data in the agency’s report says private sector hiring in May returned to levels not seen since July 2022.
The California Legislative Analyst’s Office, a non-partisan, state-funded government agency, warned that state monthly jobs surveys of businesses have “routinely overestimated job growth in the state” since 2022, when private employment peaked, and that final numbers that use payroll records are more accurate but much lower.
“Once preliminary survey figures are finalized using comprehensive payroll records, the figures have been revised downward by an average of 30,000 jobs each month,” wrote LAO principal fiscal and policy analyst Chas Alamo. “ […]
– Read More: justthenews.com
