California's Unemployment Rate Drops In February

California's Unemployment Rate Drops In February
East Bay Business Times
March 21, 2008

California's unemployment rate dropped from 5.9 percent in January to 5.7 percent in February, according to the state's Employment Development Department. It was nonetheless higher than the year-ago estimate of 5 percent.

According to the department, the number of people unemployed in California was 1,043,000, down by 41,000 over the month, but up by 140,000 compared with February of last year.

The areas reporting job decline statewide over the last month were manufacturing, construction, information and financial activities, which reported declines of 9,600 jobs. The financial activities sector was down by 3,500 jobs, posting the largest decline over the month.

The same four areas also saw declines in a year-over-year comparison totaling 155,200 jobs, with construction employment showing a decline of 78,500 jobs.

The unemployment rate in the Oakland-Fremont-Hayward metropolitan region declined from 5.3 percent in January 5.1 percent in February, but it was still higher than a year ago when it was 4.6 percent.

Job losses in the region between February 2007 and February 2008 were in the financial sector, which lost 4,800 jobs, and manufacturing, which lost 1,500 jobs.

Jobs increased in government, which added 4,900 jobs, and education and health care services, which added 800 jobs.

In the Vallejo-Fairfield metropolitan region, the unemployment rate dropped from 6.3 percent in January to 6.1 percent in February, although it was higher than the year-ago estimate of 5.3 percent.