U.S. employers added 200,000 jobs in July, helping the unemployment rate tick down to 4.3 percent, beating expectations. Job gains for May and June were also revised to reflect an additional 2,000. And while today's employment report was good news for the U.S., data from the report showed that California was leads the nation in most jobs cut last month.
According to Andrew Challenger with the executive coaching firm Challenger, Gray and Christmas, California reported that more than 4,200 jobs were cut last month, brining the state's year-to-date total to just under 37,000.
"In a lot of ways we're seeing parallels to the stock market, really low volatility in the jobs market right now, a low of amount of job cuts that are being announced, slow steady growth. It's really just a low amount of volatility in the jobs market right now.
Business owners cited cost-cutting, closing stores and company restructuring as the three biggest reasons as to why jobs were being cut in the Golden state. The job cuts were scattered across a lot of sectors, but Challenger said the computer and retail sectors were mostly to blame for the cuts.
"We saw a certain amount of jobs from the computer sector, although we've also continued to see hires there. The retail sector, we've seen a lot of cuts. That's coming from brick and mortar retail locations," Challenger said.
Texas, Ohio, Indiana, and New York remained the top five states across the country with the most job cuts. Despite the recent cuts, Challenger says the record amount of hiring announcements in July demonstrated that business owners still feel optimistic about the economy in California.
"We actually saw 88,000 hiring announcements made in July. So we know employers are feeling confident enough to continue to hire, and plan for future hires over the course of this year."