Since 2022, nearly all employment growth in California came from the government

California has now lost all of the tech-sector jobs it gained during the boom of 2021/2022, per Joey Politano.

The state now has fewer tech jobs than it did pre-pandemic.

The US economy added 206,000 jobs in June, according to the Bureau of Labor Statistics report on Friday, slightly down from the revised May figure of 215,000 jobs.

The unemployment rate edged up by 0.1 percentage points to 4.1%, marking the first time since November 2021 that the jobless rate has exceeded 4%.

Considering that interest rates are at a 23-year high and the Federal Reserve aims to cool inflation and overall demand before reducing rates, this is not a bad outcome, said Gus Faucher, chief economist for the PNC Financial Services Group.

“We’re seeing job growth slow a bit; we’ve seen the unemployment rate tick up a little bit; we’ve seen wage growth slow a bit,” Faucher told CNN in an interview. “But those are all good news from the Fed’s perspective, should help reduce inflationary pressures coming from the labor market, and should support Fed rate cuts toward the end of this year.”

Economists had expected employers to add 190,000 jobs last month and for the unemployment rate to remain at 4%, according to FactSet consensus estimates.