Study Sees Continuing Jobs Decline

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Driven by the state’s construction slump, California’s job market is weakening dramatically and will continue to worsen in coming months, says a survey released Monday by Chapman University.

Chapman’s statewide index of leading employment indicators plunged to 93.9 for the current third quarter, compared to 99.8 in the previous quarter and 113.9 a year ago. An index value below 100 signals negative payroll job growth.

The index has declined for nine consecutive quarters, with the last two coming in below 100. The primary driver has been the sharp drop in construction spending statewide, starting on the housing side and spreading to the commercial market.

The employment index is comprised of several variables, including real gross domestic product growth, exports, the value of the Standard & Poor’s 500 index and statewide construction spending. Rises in gross domestic product and exports have been more than offset in the third quarter by drops in the S & P; 500 index and construction spending.

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Howard Fine
Howard Fine is a 23-year veteran of the Los Angeles Business Journal. He covers stories pertaining to healthcare, biomedicine, energy, engineering, construction, and infrastructure. He has won several awards, including Best Body of Work for a single reporter from the Alliance of Area Business Publishers and Distinguished Journalist of the Year from the Society of Professional Journalists.

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