Posted on 11/22/2008 10:05:06 AM PST by radar101
The state's unemployment rate is the highest in 14 years; it rose half a percentage point in October from the month earlier. In the past 12 months, more than 100,000 jobs have been lost.
Reporting from Los Angeles and Sacramento — California's unemployment rate soared to a 14-year high in October, hitting 8.2%, and economists predicted that it could rise substantially over the next year and a half.
The state's economy shed 26,400 people from its payroll last month, raising the total number of lost jobs to 101,300 since October 2007, the California Employment Development Department reported Friday.
And the situation is about to get worse, predicted Ross DeVol, director of regional economics at the Santa Monica-based Milken Institute. The unemployment rate is seen reaching 9.9% in the first quarter of 2010, with the loss of 360,000 more jobs before then.
The hemorrhaging of jobs is "another indication that the state is plunging into what is likely to be a long and deep recession," said Stephen Levy, chief economist and director of the Center for the Continuing Study of the California Economy in Palo Alto.
The 0.5-percentage-point jump in the state's unemployment rate, from 7.7% in September, was even larger than the recently posted increase in the national rate, up 0.4 of a percentage point to 6.5%. The state's rate ranks third in the U.S., exceeded only by those of Michigan and Rhode Island, at 9.3% each.
Joblessness increased throughout Southern California in October. It reached 8.4% in Los Angeles County, 9.5% in the Inland Empire, 6% in Orange County and 7.2% in Ventura County.
"A financial market crisis, the loss of wealth for consumers and the growing worldwide recession are feeding on themselves as consumers and businesses grow scared and cautious," Levy said.
(Excerpt) Read more at latimes.com ...
BUT WE DIDN’T LOWER WELFARE
And hey, the actors very well are going on Strike soon. Yay
What CA needs is more taxes on the wealthy.
Wow - you guys need to raise taxes fast.
(/sarcasm)
Does anyone want to guess Why? This where we are going nation wide if Obama gets what he wants.
The illegals are going back to Mexico by the 10,000’s.
You can see it in front of the Home Depots, etc.
Also the traffic is down a lot, less PU’s with 4 or 5 illegals in the back. This is GREAT!!
However the Commies in the legislature are going to solve the problem with raising taxes. Brilliant!
QUICK! Raise taxes! Children’s lives are at stake!
"Save us Obama! Save us!"
What is the tipping point in CA, MI, and NY where the people figure out that their elected liberals have failed them. It should start in the next 4 years because there will be no Bush to blame. The Dems have total control.
Hmmm, So who is #1 and #2 ?
Yeah, and the liberals are all fleeing to other states so I'm told.
Good news...lol.
Tipping point? Unemployment in the Great Depression was 30% and loss of house and farm widespread, yet did the faithful turn from the Democrats?
The liberal states have the highest taxes and highest unemployment and highest deficits. Glad people thought out their vote in the election.
Someone tell Ahnold that he’d better start levying that Global Warming tax & carbon caps on CA utilities quick—while there are still some citizens left to pay the bills.
And in California they have both property taxes and state income tax. In Texas we have no state income tax. California should be SWIMMING in tax dollars with the DOUBLE tax system! They are so screwed up out there. Just moved back to Texas from So Cal in 2007 and we were so happy to get back HOME!
I’m willing to bet none of the lost jobs are state government jobs.
Yes, you could bet a trillion dollar bail out on that one! LOL
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