California's Unemployment Rate Hits Record High Amid Sluggish Job Growth

California's unemployment rate has reached 5.3%, the highest in the nation, with slower job growth being attributed to the state's economic slowdown. Revised data revealed that job growth was much lower than previously thought, with the tech sector shedding jobs after over-hiring in the post-pandemic period. The state's budget is facing a multibillion-dollar deficit, prompting negotiations between Governor Newsom and legislative leaders to take early actions to reduce the deficit ahead of the April tax filing deadline.