Information, professional, scientific and technical services all have largest job growth.
Q: I am looking at new career opportunities and curious as to how the job market is doing in California and which industries are the best to pursue.
A: As of the statistics provided for August 2016 in California, the unemployment rate has remained the same over the last few months at 5.5% which is down from last year at this time. Nationally, the number is also slightly down from a year ago remaining steady at just under 5%. However, over the last five years, the unemployment rate has been cut in half for both the U.S. and California.
In August 2016, California added over 63,000 nonfarm jobs. Nonfarm employment is a compiled name for goods, construction and manufacturing companies in the US. It does not include farm workers, private household employees, or non-profit organization employees. This is the largest job growth gain for nonfarm jobs over the last year.
Also in August, the California private sector added over 35,000 jobs. The private sector is the part of the economy, which is run by private individuals or groups, usually as a means of enterprise for profit, and is not controlled by the State. Areas of the economy controlled by the state is referred to as the public sector.
One of the industries that saw the highest gain over the last month is the Information sector. The main components of this sector are the publishing industries, including software publishing, traditional publishing and publishing exclusively on the Internet; motion picture, sound recording and broadcasting industries; the telecommunications industries; Web search portals, data processing industries, and the information services industries. This industry sector has seen a 2.7% increase over the last year.
The other industry that experienced a gain over the last month is the Professional and Business Services sector. This is a very expansive sector, but the general description consists of professional, scientific, and technical services; management of companies and enterprises; administrative and support; and waste management and remediation services. The professional, scientific and technical services segment of this sector as seen the largest increase over the last month as well as the last year.
The Construction industry had an increase in jobs last month and has seen the highest increase of 4.0% over the last year of the other industry sectors. Trade, transportation and utilities saw the same increase in August, but not a large increase over the last year. The Government sector saw the highest increase in jobs last month, however, only a 1.8% increase over the last year.
Although Education and Health Services only had a minimal increase in jobs last month, and the Leisure and Hospitality did not change, these two industries have both seen a significant 3.4% increase in jobs over the last year.
Over the last year, the two industry sectors experiencing the most job growth pursuant to the Bureau of Labor Statistics, would be the Construction industry and the Professional, Scientific and Technical Services industries. A good sign that the economy is picking up in California.[jetpack-related-posts]