Economy

Wal-Mart Closing Stores in California

Wal-Mart is one of the largest retailers in the United States and for good reason. The store offers great low pricing and a wide variety of items, including groceries. It was recently announced by Wal-Mart Stores Inc. that there are plans to close 269 stores, including 154 in the U.S. Nine of those stores are going to be closing throughout the state of California. This news has left many residents worried about how the closings will affect their communities.

Stores to close in California

Two stores have already closed, and five are set to close this week. The Los Angeles Wal-Mart store on Crenshaw Boulevard, the Wal-Mart Neighborhood Market located in Chinatown on West Cesar E. Chavez Avenue, and store in Oakland were all closed on Sunday January 17th.

Five locations set to close on January 28th include stores in Long Beach, Altadena, Bell Gardens, Hawaiian Gardens, and San Bernardino. Many of the locations that are closing are not full service Wal-Mart locations, but rather Wal-Mart Market stores which specifically sell groceries.

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A Look at California’s Current and Future Job Market

California’s Current and Future Job Market

California has had some disturbing economic news in the recent past. This is as a result of the tumultuous activities in the China markets. This news is particularly alarming since China is one of California’s primary trading partners. California has had a terrible drought, leaving half a million farmland acres in fallow. The state’s business climate has received an almost bottom financial ranking.

The Prediction

Conversely, the economic prediction for the state of California has shown something else. In fact, the job market and state’s economy seems to be growing at a faster rate than the other states in the United States. This is according to a recent report indicating a noticeable and continued trend to be anticipated over the next few years.

Recently, a survey was done as to finding any obstacles that would get in the way of this economic growth. Whether these obstacles are perceived or real, they pale in contrast to California’s position as a lure for sophisticated entrepreneurs, which is the nucleus for boom in technology and a trading partner with the Pacific Rim.

Simple Explanation

There is a simple explanation for all of this. People have a desire to live in the state of California because of the economic climate and relaxed setting. In addition, year round, the state has unique weather and geographical attractions that continue to attract wealthy immigrants and visitors from around the world.

Prediction of Job Market

Due to the recession, California experienced a higher unemployment rate than other states except for Nevada and Michigan. However, California rebounded quickly from the recession. According to many expert economists, the job projection for California looks good.

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California’s Unemployment Rate Decreases

California's Unemployment Rate Decreases

California State Senator, Kevin de León, was just in the news for his comments stating California’s job growth has been faster, compared to the nation. It is no wonder that following these statements, the California Employment Development Department has released data from surveys regarding employment in the state.

The state of California has actually seen a decrease in the unemployment rate. In the month of November, the unemployment rate decreased 5.7 percent, while the United States unemployment rate remained the same, at 5.0 percent. It seems that the state, which has been working since 2010 in job recovery, is seeing great improvement.

Statistical comparisons for unemployment rates

In addition to information about unemployment rates throughout the state, the California EDD also released information regarding nonfarm payroll jobs, which showed an increase by 5,500 during the month of November, leading to a total gain of over 2 million jobs since recovery began in 2010. To really understand this comparison, you have to look at where California was at, in regards to unemployment rates, just one year ago.

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California Job Growth Faster Than the Rest of the U.S.

job-growth-ca

California is one of the most populous states in the nation, so it is no wonder that job growth in the state might be faster than the rest of the United States. Many critics believe that because of the state’s new clean energy law, California’s economy and job outlook might be on the decline, specifically in the oil industry. State Senator, Kevin de León, believes that the new clean energy law has no effect on job growth, as the economy remains consistent.

Were Kevin de León’s statements true?

There has been a great improvement in job growth since the Great Recession when that state lost over 1 million jobs between 2007 and 2009. This job improvement has come from a housing rebound, which provided more housing and construction jobs. Economists believe that de León’s statement about California outpacing the rest of the nation in job growth to be true. California’s job growth rate is in fact higher than the country’s overall job growth.

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