STATE'S JOBS KEEP GROWING\Employment in February posts record for third month in a row.Byline: Gregory J. Wilcox Daily News Staff Writer California's economy continued churning Firing one group of employees and hiring another. As companies move into newer, high-tech ventures, they often eliminate employees with older skills while bringing on new people who have computer programming, networking and Web experience. out jobs during February, setting an employment record for the third consecutive month, the state reported Friday. Last month 31,000 new jobs were created, raising nonfarm payrolls Nonfarm payrolls is an economic employment report released monthly. It is a compiled name for goods-producing, construction and manufacturing companies. The data is released at 1:30pm BST on the first Friday of every month, or according to the U.S. to 12.6 million workers, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the California Employment Development Department. Unemployment settled at 7.6 percent, down 0.1 percent from February 1995 and unchanged from January. Despite the job gains, February's rate was flat compared with the previous month because more people joined the labor force, the state said. A similar picture emerged in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. County, where 3.8 million people held jobs, up 2.1 percent from a year ago. The county's unemployment rate settled at 7.6 percent in February, up 0.2 percent from a year ago and also unchanged from January. "That's a strong gain in year-to-year employment in the Los Angeles area," said Lynn Reaser, chief economist The Chief Economist is a single position job class having primary responsibility for the development, coordination, and production of economic and financial analysis. It is distinguished from the other economist positions by the broader scope of responsibility encompassing the for First Interstate Bancorp First Interstate Bancorp was a bank based in the United States that was taken over in 1996 by Wells Fargo. It was headquartered in Los Angeles. The name has continued to be used in the banking world by used after the merger by First Interstate Bank who had been using the . "Los Angeles County is now definitely a significant part of the recovery we are seeing statewide." Local job gains came in wholesale trade, business services, entertainment and construction. Business service employment jumped nearly 10 percent and construction jobs increased 9 percent, Reaser noted. "L.A. County is one of the few areas that had an increase in housing permits in '95 and there is quite a bit of building going on in the nonresidential sector," she said. Statewide, the construction industry shows the strongest growth, up 5.1 percent from year-ago levels, a gain of 24,600 jobs. Five other industry sectors also posted gains. They were manufacturing, transportation and public utilities, retail trade, wholesale trade and services. Three sectors lost jobs: mining, government, and the finance, insurance and real estate group. The three consecutive months of job gains mean the state's economy is sustaining growth, analysts concluded. "It appears that the California economy has broken some of its links with the rest of the country and is becoming more linked to the Pacific Rim Pacific Rim, term used to describe the nations bordering the Pacific Ocean and the island countries situated in it. In the post–World War II era, the Pacific Rim has become an increasingly important and interconnected economic region. ," said Reaser. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion