California Labor Market at ‘Full Employment’

Annual EDD Revision Shows A Tight Job Market

A photo of a woman working in a manufacturing job.

Today’s EDD release shows a slight upward revision in California’s 2016 annual jobs growth from 2.56 percent to 2.63 percent, according to a report by the UCR School of Business Center for Economic Forecasting and Development. iSTOCK

RIVERSIDE, Calif. (www.ucr.edu) — The California Employment Development Department (EDD)’s annual benchmark revision of the state’s employment figures only slightly changed previous estimates but include some notable industry adjustments, according to an analysis released jointly by Beacon Economics and the UCR School of Business Center for Economic Forecasting and Development. Today’s EDD release shows a slight upward revision in California’s 2016 annual jobs growth from 2.56 percent to 2.63 percent, and a slight revision in total nonfarm jobs from 16,463,000 to 16,477,000.

In the Inland Empire, the revised estimate for nonfarm (wage and salary) jobs was higher than previously estimated, with annual growth revised upward from a 2.8 percent gain to an increase of 3.5 percent. Total nonfarm jobs in the Inland Empire were revised up from 1,386,000 to 1,401,000.

“With both the newly revised numbers from last year and those for the month of January 2017 in hand, it is evident that California’s labor market has tightened considerably over the past year or so,” said Robert Kleinhenz, executive director of research the Center for Forecasting and development. “The California economy will grow this year, but because we’re essentially at full employment, it’s hard to imagine that any policies emanating from Washington DC or Sacramento will accelerate the pace of growth.”

View the full analysis of the EDD’s annual benchmark revision and the labor market picture for the month of January 2017 here.

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