California employers are projected to add jobs in the second quarter, but at a slightly more subdued pace than in the prior period, according to a new report from Chapman University's A. Gary Anderson Center for Economic Research.
The California Index of Leading Employment Indicator – which is made up of a weighted average of the changes in the real GDP, real exports, the S&P 500 and total construction spending – read 101.1 for the second quarter, down from 101.7.
It's a mixed bag of results; a level over 100 signals employment growth, but because the reading is only slightly above that denominator, the rate of job creation is slated to "remain sluggish." By contrast, the indicator hit a pre-recession level of 115.4 in the second quarter of 2006.
Additionally, the S&P 500, real GDP and real exports all experienced positive results in the period – though the latter two were at a slower pace. Construction spending showed continued weakness, though its rate of decline has slowed some.
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