Sung Won Sohn, LMU professor of finance and economics, explained the reason for the reported decline in the state’s unemployment rate in July. “The improvement was largely an illusion. The rate fell not because businesses hired more workers, but because thousands of Californians left the labor force,” said Sohn, president of SS Economics. “When employment falls and people stop looking for work, a lower unemployment rate is not a sign of economic strength.”
Source: San Francisco Chronicle