The California Employment Training Panel (ETP), which was designed as a performance-driven training program, pays agencies for training provided only if the trainee is placed and retained in a related job for 90 days. The labor market experience of ETP trainees was tracked from 1989-90, 1990-91, and 1991-92 to measure the impact of ETP training on individual trainees through 1993 and to estimate ETP's impact on California's economy. In the most recent year of the study, the labor market experiences of ETP participants were compared to those of a group of 130,000 randomly selected California workers. Among the study's major conclusions were the following: (1) increased employment stability is a major benefit of ETP training; (2) ETP trainees who complete the program have larger earnings increases than either program dropouts or workers in the control group; (3) the training provided to ETP's 1991-92 trainees resulted in a total economic gain of more than $202 million while costing California only approximately $35 million; and (4) during the 3 years studied, ETP seemed to shift its emphasis from nonbasic service industries to greater investment in basic industries. Contains 50 figures and 8 tables. Appended are tables detailing training characteristics and multipliers used in the analysis.) (MN)