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California Unemployment Rate Jumps to 9.3%
By STU WOO
California's unemployment rate jumped to 9.3% in December -- the state's highest level in 15 years -- as employers in the nation's most populous state cut 78,200 jobs during the month.
California's jobless rate rose from 8.4% in November, according to the state Employment Development Department report, released Friday. More than 1.7 million of the state's 37 million residents were unemployed last month, up by 650,000 since December 2007.
Construction took the biggest hit but job losses were across the board, said Howard Roth, chief economist for the state Department of Finance. California's jobless rate, which has been among the highest in the country, could hit 11% this year, Mr. Roth said. "We're hoping see some signs of stabilization by the end of the year, and not much sooner than that," he said. "We're still going to be pretty weak in the first half of 2010."
Friday's report underscores the severity of the recession in California, where the housing market has been in the tank for more than a year. The news comes as Gov. Arnold Schwarzenegger and state legislators feud over plans to close a projected $42 billion deficit, caused largely by decline in tax revenues. Mr. Roth said the rising unemployment rate aggravates the budget deficit, which will rise "if we keep getting [unemployment] reports like this."
The budget crisis has already forced a state board to freeze funding for more than $3 billion in construction projects. The state controller said that, starting Feb. 1, it will begin delaying, for 30 days, payments of tax refunds and welfare checks, among other things, unless state leaders quickly reach budget solutions.
For the first half of 2008, industries related to the housing market suffered the most, while the retail sector suffered in the second half, said Eduardo Martinez, a senior economist at Moody's Economy.com. Mr. Martinez expects professional service firms, such as law and architecture, and leisure and hospitality services to shed more jobs as well this year更多精彩文章及讨论，请光临枫下论坛 rolia.net
California Unemployment Rate Jumps to 9.3%
By STU WOO
California's unemployment rate jumped to 9.3% in December -- the state's highest level in 15 years -- as employers in the nation's most populous state cut 78,200 jobs during the month.
California's jobless rate rose from 8.4% in November, according to the state Employment Development Department report, released Friday. More than 1.7 million of the state's 37 million residents were unemployed last month, up by 650,000 since December 2007.
Construction took the biggest hit but job losses were across the board, said Howard Roth, chief economist for the state Department of Finance. California's jobless rate, which has been among the highest in the country, could hit 11% this year, Mr. Roth said. "We're hoping see some signs of stabilization by the end of the year, and not much sooner than that," he said. "We're still going to be pretty weak in the first half of 2010."
Friday's report underscores the severity of the recession in California, where the housing market has been in the tank for more than a year. The news comes as Gov. Arnold Schwarzenegger and state legislators feud over plans to close a projected $42 billion deficit, caused largely by decline in tax revenues. Mr. Roth said the rising unemployment rate aggravates the budget deficit, which will rise "if we keep getting [unemployment] reports like this."
The budget crisis has already forced a state board to freeze funding for more than $3 billion in construction projects. The state controller said that, starting Feb. 1, it will begin delaying, for 30 days, payments of tax refunds and welfare checks, among other things, unless state leaders quickly reach budget solutions.
For the first half of 2008, industries related to the housing market suffered the most, while the retail sector suffered in the second half, said Eduardo Martinez, a senior economist at Moody's Economy.com. Mr. Martinez expects professional service firms, such as law and architecture, and leisure and hospitality services to shed more jobs as well this year更多精彩文章及讨论，请光临枫下论坛 rolia.net