Jun 21, 2024

California created 43,700 jobs in May, 16.1% of the nation’s total

SACRAMENTO – Last month, California created 43,700 jobs – one out of every six jobs in the nation – as the state’s unemployment rate dropped by 0.1 percent. Since May 2020, California has gained 3,100,400 jobs, an average of 63,273 per month.

 “California is creating good jobs all throughout the state to support Californians and their families. As the state’s economy grows and hits new milestones, we need to continue supporting and uplifting every community across California.”
Governor Gavin Newsom

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The Golden State, which has the most equitable tax system in the entire country, is #1 in the nation for new business starts, #1 for access to venture capital funding, and the #1 state for manufacturinghigh-tech, and agriculture.

Last month, Governor Newsom announced that California’s travel spending reached an all-time high of $150.4 billion last year. This comes after the state’s population increased for the first time since the pandemic and the International Monetary Fund’s World Economic Outlook noting that California remains the 5th largest economy in the world for the seventh consecutive year, with a nominal GDP of nearly $3.9 trillion in 2023 and a growth rate of 6.1% since the year prior, according to the U.S. Bureau of Economic Analysis. California’s per capita GDP is the second largest among large economies.

And earlier this month, Fortune announced that for the first time since 2014, California is home to the most Fortune 500 companies in the country – beating out Texas, Florida, and all other states. From tech to finance to entertainment, the state’s diverse economy has 57 companies on the list, while Texas and New York are tied in second with 52 companies each.