California
Employment Indicator Index

This indicator measures Chapman University’s Employment Index Indicator
Index. The California Index of Leading Employment Indicator is comprised of
variables found to have a significant influence on California’s payroll employment
growth. These variables include movements in the lagged values of real GDP,
real exports, the S&P
500 and the state’s total construction spending. A weighted average of changes
in these variables, based on their relative importance in explaining state
employment growth, is used in constructing the index.