The unemployment rates in Southern California dropped in July, according to the latest figures released by the state Employment Development Department (EDD).
California in general has regained over 97 percent of the nearly 3 million nonfarm jobs lost during the COVID-19 pandemic in 2020, according to the EDD.
Statewide, the seasonally adjusted unemployment rate was 3.9 percent in July—the lowest ever on record since 1976—down from 4.2 percent in June and below the 7.4 percent rate from a year ago.
While the total nonfarm jobs are increasing, available positions in the financial sector have declined mainly because of the reductions in insurance carriers.
Earlier this month, the auto-insurance giant GEICO closed all 38 branches in California, making it the latest private insurance company to reduce business operations in the state….