In employment, everything is local

jobs6.jpgCalifornia's jobless rate in April was 10.9 percent, which doesn't tell you all that much about what's happening within the state. In Orange County, the April rate was 7.4 percent (not seasonally adjusted), and in Imperial County it was 26.8 percent. In a nutshell, the explanation centers on the diversity of the state's economy, which is this week's Business Update topic. Available at kpcc.org and podcast (Business Update with Mark Lacter).

Julian: Regional deviations because the state isn't just one economy, I suppose.


Lacter: Exactly, it's really a dozen or more economies. Obviously, the home construction business continues to struggle, but then there's the information industry, which is doing quite well - and that includes both the entertainment business down south and the tech business in the Bay Area. The trade and transportation sector is doing well, and that makes sense given the increased export activity we're seeing at the ports and at the warehouses.

Julian: But the big question is how many new jobs are being created?

Lacter: Quite a few, actually. April was a weak month, but 219,000 private-sector jobs have been added to California payrolls, which is one of the better job growth rates of any state in the nation. But again, so much of the story really depends on what part of the state you're in. You know, everyone tends to look at just one or two numbers, and you can't capture the overall economy in one or two numbers. You have to dig deeper.


More by Mark Lacter:
American-US Air settlement with DOJ includes small tweak at LAX
Socal housing market going nowhere fast
Amazon keeps pushing for faster L.A. delivery
Another rugged quarter for Tribune Co. papers
How does Stanford compete with the big boys?
Those awful infographics that promise to explain and only distort
Best to low-ball today's employment report
Further fallout from airport shootings
Crazy opening for Twitter*
Should Twitter be valued at $18 billion?
Recent Business Update on KPCC stories:
Naysaying emerges in wake of LAX shootings*
Holiday shopping: On your marks, get set... spend!
What to do with all that bad chicken?
Why it's hard to gauge progress of health care programs
Why L.A. isn't being hit too hard by shutdown - for now

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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
 
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
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