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CALIFORNIA —long seen as the economic engine of the United States—is entering a period of unmistakable labor‑market cooling. Recent data from state and federal sources show that job losses are no longer isolated to a few sectors but are spreading across the broader private economy. The result: slower growth, rising unemployment, and a reshuffling of the industries that once powered the state’s post‑pandemic recovery. A State Economy Losing Momentum California’s private‑sector