When does California get back to pre-recession employment?

fullemploy.JPG Not for another two or three years, according to IHS Global Insight, which is sooner than Nevada, Arizona, Florida, and Michigan, but later than New York, Virginia, Colorado and a bunch of other states. Four states,Alaska, North Dakota, Texas, and Louisiana, are back to where they were prior to the recession. California's jobless rate was 10.9 percent in April. From Real Time Economics:

Returning to peak employment levels doesn't necessarily mean jobs markets are healed. In fact, getting back to where a state started doesn't account for the jobs needed by new entrants to the labor force over the past four years. Eighteen states still are more than 5% below their 2007 employment levels, and the two worst-hit states -- Nevada and Michigan -- are still more than 10% off their peaks. Frable estimates those two states, as well as Rhode Island which has seen sluggish job growth, won't return to prerecession peaks until sometime after 2017.

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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
Mark Lacter, business writer and editor was 59
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