California unemployment jumps to 8.2%, third-highest in the U.S.
As more people here lose their jobs, I am very lucky. I am actually gaining MORE work and more satisfied customers. I just started helping with a THIRD company, in addition to my other two companies.
Am planning to buy a car and sell my old one.
California unemployment jumps to 8.2%, third-highest in the U.S. (LA Times): 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.
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....
Surge in unemployment puts California's Inland Empire in tailspin (LA Times):
The Inland Empire has the highest unemployment rate of any large metropolitan area in the country.
State numbers released Friday show the Riverside, San Bernardino and Ontario area is now suffering from its highest unemployment rate in 13 years at 9.5% in October -- 3 percentage points higher than the national rate and 1.3 points higher than the state's rate of 8.2%.
Ignited by the collapse of the local housing market, which decimated the construction and lending industries, the wave of unemployment has trickled into almost every area, including retail, manufacturing and local government.
The region's troubles are set against a backdrop of growing unemployment throughout the nation. The U.S. Department of Labor reported last week that a growing number of jobless Americans are turning to government assistance. The number of workers collecting unemployment insurance payments has now reached a 25-year high at 3.95 million.
Meanwhile, the percentage of people unemployed in the Inland Empire has more than doubled from a year ago, and some experts predict the situation will worsen before it improves.
Am planning to buy a car and sell my old one.
California unemployment jumps to 8.2%, third-highest in the U.S. (LA Times): 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.
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....
Surge in unemployment puts California's Inland Empire in tailspin (LA Times):
The Inland Empire has the highest unemployment rate of any large metropolitan area in the country.
State numbers released Friday show the Riverside, San Bernardino and Ontario area is now suffering from its highest unemployment rate in 13 years at 9.5% in October -- 3 percentage points higher than the national rate and 1.3 points higher than the state's rate of 8.2%.
Ignited by the collapse of the local housing market, which decimated the construction and lending industries, the wave of unemployment has trickled into almost every area, including retail, manufacturing and local government.
The region's troubles are set against a backdrop of growing unemployment throughout the nation. The U.S. Department of Labor reported last week that a growing number of jobless Americans are turning to government assistance. The number of workers collecting unemployment insurance payments has now reached a 25-year high at 3.95 million.
Meanwhile, the percentage of people unemployed in the Inland Empire has more than doubled from a year ago, and some experts predict the situation will worsen before it improves.