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 ...
“The drop in spending has flattened seasonal hiring of salespeople and pushed retail employment into negative territory along with housing, construction, finance and some types of manufacturing, said Jerry Nickelsburg, a senior economist with the UCLA Anderson Forecast who specializes in California and L.A.
“This is a consumption-driven downturn,” he said.
Growing joblessness, combined with the fear of becoming unemployed, is turning normally free-spending consumers into penny pinchers.”
Sure...all recessions are consumption driven...after being driven by something else, like socialistic control over labor and markets.
Our county managed to add a thousand jobs over the first 9 months of the year.
The professional and business services sector grew by 12,200 jobs in October. Education and health services grew by 3,700 jobs; trade, transportation and utilities increased by 2,700 jobs; and natural resources and mining added 1,600 jobs, according to the commission.
This from wfaa.com
Yes, let’s impose an exclusive Hollywood-Star Tax on all the big-mouth Liberal-Elitists. Let’s target the sleezey movie star flashy types that grace the cover of the shopping market tabloids.
The Conservative Californian’s that are wealthy will continue to leave the state and relocate their assets elsewhere. Just as many prosperous corporations have relocated in more tax-friendly states.
Eventually, a once beautiful state will be transformed into a complete third-world poverty driven cesspool dependent on government hand-outs from the national government.
Welcome to Kali-fornia and welcome to Freerepublic!
What’s your definition of wealthy, newb?
What CA needs is more taxes on the wealthy.
and raise the minimum wage to help the poor people.
geez it is only 8/hr here.
That wouldn’t contribute to unemployment would it?
All the regulations wouldn’t diminish the employment prospects would it?
Heck most of them are democrats and have you ever met a democrat that you would hire?
It is more complicated than you think, but it was a start.
Wouldn’t off shore drilling create more jobs?
They will be returning soon. Amnesty and open borders are just months away. They will be returning for welfare, not jobs. They will no longer need to work menial jobs.
This had been happening for a number of years now. That is why the state continues to get more dimocRAT. Orange County one of the more conservative counties is slowly going dimocRAT as the conservatives more out. I bet in 10 years the dimocRATS will take over Orange County.
Be prepared for the Great Stagnation.
If the states are the laboratory for Democracy look for the California model of insane environmental regulation, high taxes and out of control litigation to be exported nationally.
California has always been a never-never land and is long overdue for a dose of reality.
Even the 2 unemployed people the article referenced were a “nonprofit manager” and a “designer.”
So California is approaching the unemployment rates of socialist old Europe?
Huh... I wonder why that would be?
Mostly, they want anchor babies and all the "free stuff" they are "entitled" to..
During Stalin’s forced collectivization of the 30’s the sheeple were convinced starvation and death was happening because Uncle Joe didn’t know.
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/11/22/MNSI149KON.DTL
Gov. Arnold Schwarzenegger issued a statement acknowledging the economic difficulties “especially for people who have lost their jobs or who have begun looking for one.”
He urged state legislators meeting in a special session this weekend to enact a stimulus package and pass a new funding plan to shore up the state’s unemployment fund, which is expected to run out of money in January, although federal loans will keep checks coming.
This is good.....the depression will send the illegals home
Seriously, I do notice more white people waiting on me at the stores I frequent.
Newbie troll alert, judging by posts 4 and 31.....sniff.
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