Since 2022, nearly all employment growth in California came from the government

California has now lost all of the tech-sector jobs it gained during the boom of 2021/2022, per Joey Politano.

The state now has fewer tech jobs than it did pre-pandemic.

The US economy added 206,000 jobs in June, according to the Bureau of Labor Statistics report on Friday, slightly down from the revised May figure of 215,000 jobs.

The unemployment rate edged up by 0.1 percentage points to 4.1%, marking the first time since November 2021 that the jobless rate has exceeded 4%.

Considering that interest rates are at a 23-year high and the Federal Reserve aims to cool inflation and overall demand before reducing rates, this is not a bad outcome, said Gus Faucher, chief economist for the PNC Financial Services Group.

“We’re seeing job growth slow a bit; we’ve seen the unemployment rate tick up a little bit; we’ve seen wage growth slow a bit,” Faucher told CNN in an interview. “But those are all good news from the Fed’s perspective, should help reduce inflationary pressures coming from the labor market, and should support Fed rate cuts toward the end of this year.”

Economists had expected employers to add 190,000 jobs last month and for the unemployment rate to remain at 4%, according to FactSet consensus estimates.

tastytrade logo+
Get the best broker for options trading and earn Unusual Whales discounted! in cash with an eligible account deposit at tastytrade. Get an Unusual Whales bonus when you deposit $2000. Offer expires 3/31/25. Certain restrictions, terms and conditions apply.
Unusual Whales does not confirm the information's truthfulness or accuracy of the associated references, data, and cannot verify any of the information. Any content on this site or related pages are not intended to provide legal, tax, investment or insurance advice. Unusual Whales Inc. is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”) or any state securities regulatory authority. Nothing on Unusual Whales should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by Unusual Whales or any third party. Options, investing, trading is risky, and losses are more expected than profits. Please do own research before investing. Please only subscribe after reading our full terms and understanding options and the market, and the inherent risks of trading. It is highly recommended not to trade on this, or any, information from Unusual Whales. Markets are risky, and you will likely lose some or all of your capital. Please check our terms for full details.
Any content on this site or related pages are not intended to provide legal, tax, investment or insurance advice. Unusual Whales Inc. is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”) or any state securities regulatory authority. Nothing on Unusual Whales should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by Unusual Whales or any third party. Certain investment planning tools available on Unusual Whales may provide general investment education based on your input. You are solely responsible for determining whether any investment, investment strategy, security or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your legal or tax professional regarding your specific situation. See terms for more information.