“After pandemic-era declines, California’s poverty rate is on the rise. Expansions to safety net programs during the pandemic reduced poverty substantially, but these expansions had mostly expired by the end of 2022,” reads a report published by the Public Policy Institute of California (PPIC) on Oct. 24, 2023.
According to the Economic Policy Institute, the unemployment rate for Black Californians stands at 7.4%, which is higher than the 4.5% unemployment rate for all racial groups in the state for Q2 2023. This is also higher than the national rate of 5.8%. Lisa D. Cook, Governor of the Federal Reserve Board, says “Maximum employment boosts long-run economic potential. It means that a vital resource is being used productively. A strong labor market increases labor force participation and the willingness of firms to recruit and upgrade the skills of workers.”