California sets new low unemployment record in July

By ADAM BEAM
Associated Press

SACRAMENTO, Calif. (AP) — California’s unemployment rate has hit a record low. The California Employment Development Department says the state’s unemployment rate was 3.9% in July. That’s the lowest since 1976 when the state began using its current method of measuring job growth. California employers have posted month-over-month job growth in 17 out of the last 18 months. The state accounted for 16.1% of all new jobs last month in the U.S. The job gains come despite warnings from experts that the country could soon be headed toward a recession. Inflation remains high as home sales have slowed while interest rates increased.