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Local News • June 28, 2024

California home to 1 in 6 new jobs in May

by Selena Young

Employers in California created 43,700 jobs in May, or one out of every six new jobs nationwide, as the state’s unemployment rate dropped by 0.1 percent, Governor Gavin Newsom’s office said Friday. Since May 2020, California has gained 3,100,400 jobs, an average of 63,273 per month. The news comes after the state’s population increased for the first time since the pandemic and the International Monetary Fund’s World Economic Outlook noted that California remains the fifth largest economy in the world for the seventh consecutive year.

Earlier this month, Fortune magazine announced that for the first time since 2014, California is home to the largest number of Fortune 500 companies in the country. The state’s diverse economy means it’s home to 57 companies on the list, while Texas and New York are tied for second with 52 companies each.

More information on the matter can be found here.

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