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California economy improves slightly as job growth inches up.

According to the Employment Development Department, 65,300 jobs were created during the first seven months of 2010 an average job growth of 9,300 a month. In contrast, the state lost 69,700 jobs a month in 2009 and 44,600 jobs a month in 2008.

Private payrolls grew in six of the first seven months of 2010, and the 13,700 job gain in July 2010 was the state's second largest in the last three years. In addition, the state's unemployment rate has dropped three of four months from a March 2010 peak of 12.6 percent to September's 12.3 percent. The consensus among economic forecasters seems to be that the economy will continue a slow expansion and gradually strengthen over time, but unevenly.

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Title Annotation:IRS NEWS
Publication:California CPA
Date:Oct 1, 2010
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