California jobs picture rebounds in May

The state gained 33,900 payroll jobs, the largest month-over-month increase in the nation and a solid turnaround from April. Even the April number provided good news - it was revised upward from a loss of 4,200 to a gain of about 1,300. In addition, the jobless rate fell to 10.8 percent from 10.9 percent the month before. That's still the third-highest rate, after Nevada and Rhode Island, but it's down 1.1 percent from May 2011. Here's the BLS release. We'll have more later this morning when the state releases its data.