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23,000 New Jobs Created in California in May
Strong economy due to last year's tax relief says Royce
Washington,
Jun 18, 2004 -
Signaling good news for California, the Bureau of Labor Statistics released its state-by-state jobs figures for the month of May. California created over 23,000 new jobs in May.
"Today's May jobs numbers affirms what we have been feeling in California - the economy is growing strongly and the jobs are coming back to California. It is an encouraging picture for almost every sector of the economy right now," said Royce.
Nationwide, the economy has posted steady job gains for each of the last nine months - creating more than 1.4 million new jobs since August. The national unemployment rate stood at 5.6% in May, down 0.7 percentage point from a peak of 6.3% in June 2003, and below the average of the 1970s, 1980s, and 1990s.
"There are really two drivers to the recent economic and job growth in California - the tax relief enacted last year and the changes in Sacramento. All of the major Wall Street economists have credited the President's tax cuts as a real positive for the current economic growth we are experiencing. For some time California was slower to respond than the rest of the country because of the anti-growth policies coming out of Sacramento. Fortunately, Governor Schwarzenegger has helped to change the tune - his bond initiative, his new budget, and his reform of workers' comp has brought business and investment back to California," said Royce.
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