Latest job reports defy economic gravity
(Photo by FREDERIC J. BROWN/AFP via Getty Images)
OAKLAND, Calif. - The latest jobs reports seem to continue to defy economic gravity. Despite the bank scare, massive tech layoffs and a slowing economy, the job market remains robust with 236,000 new jobs with unemployment at rock bottom; 3.6%.
Employment lawyer and former EDD Director Michael Bernick says it's all very impressive.
"That's near a 50-year historic low. So, the unemployment rate continues this morning at a very, very low rate. We have now regained, both in California and nationwide, all the jobs, all the payroll jobs lost during the pandemic. Now we're actually adding jobs," said Bernick.
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Tech layoffs dominate layoffs without much impact on the technology-dependent economy as a whole.
The tech layoffs are now over 38% of all the layoffs during 2023 in this first quarter. However, their impact on other industries has been very limited," said Bernick.
The number of open jobs fell slightly but to just under 10 million jobs. The amount may be a slight drop but still no red flag for most job seekers.