In May, employers in California contributed to the creation of 43,700 new jobs – accounting for one sixth of all new jobs nationwide. This resulted in a decrease of 0.1% in the state’s unemployment rate, according to Gov. Gavin Newsom’s office on Friday. Over the past year since May 2020, California has added an impressive total of 3,100,400 jobs at an average rate of 63,273 per month.
This positive news comes after last month’s report that travel spending in California reached a record high of $150.4 billion last year and recent data showing that the state’s population is on the rise again following pandemic-related declines. Additionally,the International Monetary Fund’s World Economic Outlook reaffirmed that California maintains its position as fifth largest economy globally for seven consecutive years.
Fortune magazine also recently announced that for first time since 2014,Calfornia boasts more Fortune500 companies than any other state with a totalof57- surpassing Texas and New York who are tied with52 each.This highlights how diverse and robustCalifornia’s economy truly is.
