Data from the California Development Department's Unemployment Insurance System were used to track the earnings and employment of more than 57,000 California Employment Training Panel (ETP) trainees served by ETP projects that ended in 1994-95 and 1995-96. ETP trainees' earnings gains averaged 15%, versus 11.8% in the case of similar workers who were not trained in an ETP program. Companies that participated in ETP grew faster than nonparticipating companies did (a growth rate of 14% versus -.8%). The $73 million spent by the ETP directly on training contracts was determined to have had an economic impact on California's economy estimated at more than $400 million. It was recommended that ETP take the following four actions: (1) continue to target its resources toward basic industries and companies that are below industry best practices; (2) encourage management reinforcement of training; (3) increase the amount of customized employer-provided training and reduce the amount of generic, training agency training; and (4) continue to attempt to measure the impact of ETP training on individual companies. (Contains 17 references and 42 tables/figures. A comparison of trainees before 1994, in 1994, and after 1994 and regression results are appended.) (MN)