CA Unemployment Rate
What is a livable salary?
The livable wage in Sacramento is estimated to be $22.10 per hour. This means that a worker earns $22.10 per hour to afford the necessities of life. According to updates and details noted on Yahoo
The current minimum wage in Sacramento is $15.50 per hour. This is the same as the statewide minimum wage in California. The minimum wage has been increasing gradually in California over the past several years, and it is scheduled to reach $16 per hour in 2024.
The minimum wage in Sacramento is higher than the national average of $7.25 per hour. This means that workers in Sacramento who earn minimum wage earn more than workers in many other parts of the country.
While California’s unemployment remains low by historical standards, it has been ticking up. From a low of 3.8% last July, the unemployment rate now stands at 4.6%. Watching this rate gives us insight into how the state’s economy and its people are doing as the Federal Reserve takes action to cool the economy and tame inflation. We recently examined unemployment among demographic groups. Today, we examine how patterns of unemployment have changed across California’s regions.
Over the past year, unemployment has inched up around California. In all nine regions, we exa
mine, unemployment is higher today than in July 2022. The Central Valley and Sierra region had the largest increase (up 1.3 percentage points) followed by the Bay Area and the Inland Empire (both up 0.8 points). Orange County had the smallest increase (0.4 points).
However, the unemployment picture was worse in the early part of this year: it peaked at 8.6% in the Central Valley and Sierra region and was elevated across the state. Seasonal patterns in employment may explain some of this bump, as well as extreme rain and flooding that curtailed activity in much of the state, but especially agricultural regions like the Central Valley.
Per PPIC Public Policy Institute of California