Calif. Unemployment Rate Sets New Record At 12.5%
California’s Unemployment Rates rose to 12.5 percent in October to set another modern record, even though more than 25,000 Californians found jobs, the state Employment Development Department reported Friday.
October’s job gains followed 66,000 job losses the month before.
Stephen Levy, senior economist at the Palo Alto-based Center for Continuing Study of the California Economy, [Talk about a grasp of the super-obvious>] said larger job gains are needed to lower the unemployment rate.
“The best we can say is that like the nation, the magnitude of job losses seem to be declining,” Levy said. “This is not a sign that the jobs losses have ended.”
The state has lost 687,700 jobs since October 2008, a decline of about 4.6 percent, according to the state’s survey of 42,000 California businesses.
Nearly 2.3 million Californians were without work in October. The number does not include the nearly 500,000 workers who have taken low-paying or part-time jobs because that’s all they could find, or the 109,000 people who have given up looking for work, according to the state.
1. Isn’t that nearly 3 million in lost jobs?
2. Doesn’t Stephen Levy have a wonderful grasp of the obvious. It reminds me of brilliant football broadcasters that say incredible things like, “unless you get the ball into the end zone, you just cannot win games!’
3. I guess Arnold took “The Terminator” label too seriously and terminated jobs.
