The COVId-19 has plummet global economy and the world is yet bracing up. Amidst this, a statement released by the state’s Employment Development Department (EDD) has said that the unemployment rate in California rose to 5.3 per cent in March. The survey was done between February 12 to March 12.
As per EDD, the Golden State’s employers lost 99,500 non-farm payroll jobs, driving the jobless rate up by 1.4 percentage points in March as against the number in February. It was the state’s largest unemployment rate increase on record in a data series going back to 1976. “The job loss in March ended a record job expansion in California of 120 months, which surpassed the long expansion of the 1960s.
“In the recent expansion, California had gained 3,417,700 jobs, which accounted for 15.0 per cent of the nation’s 22,789,000 job gain over the same timeframe,” the EDD added. Former Chair of the Federal Reserve Janet Yellen, Disney Executive Chairman Bob Iger and Apple CEO Tim Cook also were named to the council, with a goal of helping Californians suffering from aftermath of the fatal disease to recover as soon as possible.
