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For some reason, most people think that California's industry moves out of the state but 99% of companies relocating from their former location in California actually move elsewhere WITHIN the state-and NOT out of state. Usually in the same general Metro Area or in a neighborhing MSA.
Also, one area in California, despite its high cost of living and high cost of doing business, actually attracts companies to move their HQ there quite a bit-and that is Silicon Valley, which even now, continues to lure many companies there who want to be in the critical mass of the high tech industry.
Would you say that between LA/SoCal and San Jose/Silicon Valley, the latter has a much better job market right now?
No, I would definitely say that San Jose has a better job market, high unemployment rate notwithstanding.
Mainly because as the OP so clearly states, the ratio of people looking for work and the number of jobs available is 1:1
We can't base our job markets solely on unemployment rates because there are several other factors that must be considered.
A big factor that unemployment doesn't reference is that each sector and job field is different and some might have labor shortages and surpluses. Also have to consider underemployed and discouraged workers. (that is starting to drop in my opinion at this point which is why the rate rose even with a growing number of jobs in last months report)
Another issue is on a job posting, how many people are qualified for the position to start with.
Also folks, we need to keep in mind that the job market everywhere is very, very weak right now-even in places that are supposedly doing well. Washington DCs saving grace is increased federal government hiring, but even that is incredibly small and DC narrowly misses negative growth.
Change in Employment from April 2009 to April 2010, 12 biggest MSAs From the Bureau of Labor Statistics
The real test of this will be later in the year once the year-to-year employment changes starts approaching then rises above zero. We can get a better picture as to comparing areas, although we would also need to take into account total change in workforce in an area too.
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