California created more than 18% of nation’s new jobs in January

SACRAMENTO – California continues to lead the nation’s economy, adding 96,700 new jobs in January – a gain that accounted for 18.7 percent of the nation’s 517,000 overall job gains for the month.

Eight of California’s major industry sectors gained jobs in January and the state outpaced the nation in year-over-year job growth with 559,500 jobs added – an increase of 3.5 percent.

January 2023 by the Numbers:

California added 96,700 jobs in January – 18.7 percent of the nation’s overall job gains

Eight of California’s major industries added jobs

The unemployment rate rose by 0.1 percent to 4.2 percent

Year-over-year, California has added 559,500 jobs – an increase of 3.5 percent, outpacing the nation’s year-over-year growth rate of 3.3 percent

California has added more than million jobs since April 2020 – the biggest hiring spree in the nation sulting in an average of 54.919.

Volume reached USD1.07 billion, higher than the previous session’s USD779.8 million.

Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort as it provides everyone access to tested business models and trainers.

It also helped in generating local jobs, he said.

“Every time a franchise opens, (there are new five, 1 , 2 , 3 obs, and those jobs are local,” he added.

Lim said the industry now has over 200 million direct and indirect jobs.

“So franchising is a key tool for job creation and the growth of middle class,” he said.

Meanwhile, Lim said revenues of the industry are expected grow by 12 to 15 percent this year due to higher prices.

“We’ve been seeing price increases from to 15 percent depending on categories, but some of that is not really enough to cover the cost increase they’ve had for the past few years,” he said.

Among the growing sub-sectors in franchising include businesses in agriculture, such as the use of drone services for seeding and healthcare, including franchise of dialysis facilities, diagnostic centers and pharmacies, among others. (PNA) said the rise of overseas Filipino workers (OFW) remittances last January, the correction of the US dollar against other major currencies and the decline in global oil prices contributed to the appreciation of the peso.