California has the highest unemployment rate in the country. New data from the state Employment Development Department shows a 5.3 percent jobless rate for February.
The national unemployment rate is 3.9 Job growth has slowed in the Golden State as well. 50 thousand new jobs were added last month compared to 300 thousand in February 2022.
The economic slowdown has affected that state’s budget. For the second year in a row, California is facing a multibillion-dollar deficit. The Newsom administration reported the deficit was $37.9 billion in January. But the nonpartisan Legislative Analyst’s Office believes it could be as high as $73 billion.
