Took Nearly Seven Years to Recover Lost Great Recession Jobs. As the figure above shows, California’s job losses were much greater in the 2007-2009 recession than in prior economic downturns. Between July 2007 and early 2010, the state lost a net 1.3 million nonfarm jobs. Moreover, the time it took the state’s economy to recover all of the jobs lost was much longer compared to other recessions in recent decades. Estimates indicate that the number of jobs once again reached the July 2007 level (15.4 million) nearly seven years later in June 2014.
Unemployment Rate Higher Than Before Recession Began. California’s population and labor force have grown since the Great Recession began. Therefore, even with the job recovery described above, the state’s unemployment rate as of October 2014 (7.3 percent) remained above pre-recession levels. (In late 2006, before the recession, the unemployment rate fell as low as 4.8 percent.)