California should see modest job growth in the fourth quarter, according to a leading indicator forecast released Monday from the Anderson Center for Economic Research at Chapman University.
The leading employment indicator for the fourth quarter stood at 115.9, down slightly from 116.2 in the third quarter and a 120 reading in the fourth quarter of 2004. An index reading over 100 indicates employment growth for that quarter.
Chapman’s index includes measurements of real gross domestic product, exports, the Standard & Poor’s 500 index and state construction spending. All four components were positive in the fourth quarter.
In September, California had 14,807,000 non-farm payroll jobs, down 23,700 from August, due in part to many schools hiring teachers in August rather than September and to higher fuel and materials prices. But the civilian labor force based on a different survey of households reached a record high of 17 million in September, up 41,000 from August. That in turn drove the unemployment rate down to 5.1 percent.
