September 30, 2022
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New job formation slowing down in California

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California Economic Forecast Director Mark Schniepp speaks at the 2018 Los Angeles County and Ventura County Economic Outlook in Westlake Village.

A long anticipated slowdown in new job formation occurred this year, California Economic Forecast Director Mark Schniepp said at the 2018 Los Angeles County and Ventura County Economic Outlook on Sept. 7 in Westlake Village.

Schniepp attributes the slowdown mainly to an unemployment rate of less than 5 percent. He said a fully employed economy means fewer new hires.

However, he said California will likely create at least 300,000 jobs in 2017. That would be down from 478,000 new jobs in 2015 and 422,000 new jobs in 2016.

• Contact Robert Shutt at rshutt@pacbiztimes.com.