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California’s strong energy sector during 2007-2009 recession

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According to the California Employment Development Department’s Labor Market Trends report for May 2014, the state has taken four years to recover the 92.5 percent of the 1.3 million total non-farm jobs from the private sector lost during the Great Recession that began December 2007 and ended in June 2009. The largest job losses were in construction (329,800), trade, transportation and utilities (310,500), professional and business services (223,600). Education and the health services industries were the only sectors to add 116,200 jobs during the great recession. However, the U. S. Bureau of Economic Analysis goes further by stating that California’s energy sector contributed steady jobs.

The U. S. Bureau of Economic Analysis states that the real gross domestic product (GDP) by metropolitan area for Los Angeles-Long Beach-Anaheim, CA during the 2007-2009 recession showed an increase in annual compound growth rate (NAICS percentages based on chained 2005 dollars) for the following industries possibly delaying an unemployment effect:

Mining (17.77)

Oil and Gas Extraction (19.90)

Primary Metal manufacturing (13.45)

Broadcasting and telecommunications (12.05)

Petroleum and coal products manufacturing (11.82)

Computer and electronic product manufacturing (11.34)

Water transportation (9.18)

The above percentages show a very strong energy sector for Los Angeles during the 2007-2009 recession. A further investment in natural gas exploration can cushion the coffers for the State of California by boosting state earnings and possibly delaying the onset of a recession and may even help with the disbursement of unemployment funds yet to be remitted for those unemployed six months or longer.

Currently, the state of California appears to show greater signs of economic and employment recovery with a 7.8 percent unemployment rate as of April 14 from 8.1 percent in March and 9.1 percent from April 2013 all seasonally adjusted. The city of Glendale shows a 6.6 percent unemployment rate in April from 7.6 percent in March (not seasonally adjusted) and the City of Los Angeles shows 9.0 percent in April from 10.3 percent in March (not seasonally adjusted).

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