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In California, for instance, the state unemployment rate hit 5.3% in February, up 0.8% from a year ago and the highest in the nation. New Jersey's unemployment rate hit 4.8% in February, also up 0.8%.
Okun's law is an empirical relationship. In Okun's original statement of his law, a 2% increase in output corresponds to a 1% decline in the rate of cyclical unemployment; a 0.5% increase in labor force participation; a 0.5% increase in hours worked per employee; and a 1% increase in output per hours worked (labor productivity).
Currently California employers pay a federal unemployment insurance tax of 1.2% on the first $7,000 of wages per employee, but that will rise incrementally every year so long as California is in ...
There are many domestic factors affecting the U.S. labor force and employment levels. These include: economic growth; cyclical and structural factors; demographics; education and training; innovation; labor unions; and industry consolidation [2] In addition to macroeconomic and individual firm-related factors, there are individual-related factors that influence the risk of unemployment.
California’s economy grew at a healthy 3.1% rate from the end of 2022 until the end of 2023, the federal Bureau of Economic Analysis said. There was job growth in some areas.
Beveridge curve of vacancy rate and unemployment rate data from the United States Bureau of Labor Statistics. A Beveridge curve, or UV curve, is a graphical representation of the relationship between unemployment and the job vacancy rate, the number of unfilled jobs expressed as a proportion of the labour force. It typically has vacancies on ...
The following is a list of California unemployment statistics. Many of the counties with the lowest unemployment rates had relatively high levels of income. They were also located in Northern California, with two exceptions: Orange and San Luis Obispo counties. The counties with the highest unemployment rates were generally located in inland ...
The state’s unemployment agency potentially overpaid an estimated $55 billion in recent years to people who may not have been eligible for jobless benefits, a California state audit has found.