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April 24, 2018

Pacific Union Chief Economist Selma Hepp on the Latest California, Bay Area, and Los Angeles Employment Report

While California shed jobs from February to March, the state's unemployment rate remains at the lowest level in more than 40 years.


  • California’s unemployment rate remained at a record-low 4.3 percent in March, in a series of numbers from the state Employment Development Department dating back to the beginning of 1976. Seasonally adjusted figures, however, show a decline of 7,200 jobs from the previous month. Unadjusted numbers show an increase of 42,200 jobs from February.
  • March’s decline could be due to some volatility in the seasonal adjustment of data. Over the last eight years, monthly job increases in March have averaged 69,500. Since 2010, only March 2016 showed a smaller increase of 21,300. That same month, seasonally adjusted numbers reported 24,400 job losses; however, 2016 ended with some of the strongest annual gains seen in the current economic cycle.
  • Nevertheless, experts have anticipated slowing job growth, as the state’s low unemployment rate leaves fewer workers in search of occupations. In addition, high housing costs are on the minds of many workers who may be considering moving to California from other states or even those living in California who are finding the cost of living increasingly concerning.
  • Over the last year, California has added 321,000 jobs for a 1.9 percent increase.


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About The Mark Company

The Mark Company is one of the nation’s premier urban residential marketing and sales firms. Founded by Alan Mark in 1997, The Mark Company provides a full range of core consulting services including analytics, design, marketing and sales for urban high-rises and suburban attached properties throughout the Western United States. The firm is a trusted partner to global leaders in residential development and finance, providing buyer-driven sales and marketing strategies that produce industry-leading results. The Mark Company has represented more than 10,000 residences and generated over $5 billion in sales for some of the nation’s most notable and successful developments including The Infinity in San Francisco, Evo in Los Angeles and The Martin in Las Vegas. Current projects include 181 Fremont Residences and The Austin in San Francisco and Cavalleri in Malibu. The Mark Company is a subsidiary of San Francisco-based Pacific Union International, the fifth-largest residential real estate brokerage in the U.S. based on 2017 sales volume of $14.1 billion. Pacific Union merged with Los Angeles-based brokerages John Aaroe Group in December 2016, Partners Trust in August 2017, and Gibson International in December 2017.For more information, please visit