Employment lawyer Michael Bernick warns that California's economy faces significant challenges due to the potential for federal job cuts, the end of pandemic stimulus funding, and other economic factors. He highlights the state's vulnerability to these issues, especially the impact of mass layoffs on unemployment and port activity.
Employment lawyer and former Employment and Development Director Michael Bernick says January's addition of 143,000 new jobs is less than half of December's super gain of 309,000 jobs. "But, still a healthy number. So, it still shows the labor market is doing well," he said.The national unemployment rate is at 4%, once considered by economists as full national employment. "In fact, it's among the lowest levels over the past thirty or forty years.
California's unemployment rate is already at 5.4%, is second highest in the nation, but would have been much worse if not for the post-pandemic stimulus funding. "And that funding, started basically in 2021, is now coming to an end; it's now winding down. So that's gonna have an impact," he said.So, as much as any state and more than most, California is vulnerable to three issues that could upset the Golden State's economic apple cart.
EMPLOYMENT CALIFORNIA ECONOMY FEDERAL JOBS STIMULUS FUNDING TARIFFS
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