California hemorrhages jobs

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Submitted by SD Transplant on March 11, 2009 - 1:02pm

Based on this fact alone (CA unemployment), there isn't a bottom in site for CALI. No wonder foreclosures are up.

"WASHINGTON (Reuters) - California lost the most jobs of all the states, 79,300, in January, while Michigan registered the highest unemployment rate at 11.6 percent, the Labor Department said on Wednesday.

South Carolina followed Michigan with an unemployment rate of 10.4 percent. Rhode Island, which had its highest unemployment rate on record, was third at 10.3 percent.

Besides losing more jobs than any other state, California had an unemployment rate of 10.1 percent, compared to the national rate of 7.6 percent that month.

Since January 2008, the Pacific coast state shed nearly a half million jobs -- the largest decrease in the country -- as a devastated real estate market and government standstill pushed more and more people out of work.

With 49 states reporting monthly unemployment rate increases and 42 states saying they had lost jobs in January, there were few bright spots in the report.

The largest over-the-month increase came in Maryland, which gained 6,000 jobs, followed by its neighbor, Washington, D.C., which acquired 5,800 jobs. President Barack Obama was inaugurated that month, bringing staff and governmental workers to his new administration.

Washington is hoping federal agencies will have to hire workers in order to implement the recently enacted stimulus plan and therefore push those numbers even higher as the year goes on. Despite the gains in January, the nation's capital still had an unemployment rate of 9.3 percent."

http://www.reuters.com/article/domesticN...

Submitted by JC on March 11, 2009 - 5:42pm.

Here's a fun visual to go with that. I'd have gone with a different title for this segment, but that's just me. :)

http://www.cnn.com/video/#/video/busines...

Submitted by bobby on March 12, 2009 - 11:14am.

a state with the most people will have more job loss (or job gain) than a state with less people. It's not shocking.

Submitted by barnaby33 on March 12, 2009 - 11:17am.

Sacramento Bee chart to Ca unemployment by county.

Josh

Submitted by blahblahblah on March 12, 2009 - 11:40am.

a state with the most people will have more job loss (or job gain) than a state with less people. It's not shocking.

Actually unemployment is presented in percentage, so population size doesn't really figure into it. Several states with huge populations are doing a lot better than CA (TX, NY, FL). Also, why would Rhode Island (a tiny state in both area and population) have such high unemployment if it's dependent on size? I'm not sure what really explains the higher rate in CA -- higher cost of living and doing business maybe? Businesses especially have such high taxes here than when times get tough they have to let people go.

Submitted by DWCAP on March 12, 2009 - 11:50am.

Id guess that construction and RE related industries are bigger here than in many other states. The bubble was in CA moreso than just about any other state, and the industries that supported it will have to suffer more here in CA than just about any other state.

Submitted by DWCAP on March 12, 2009 - 11:56am.

Anybody see Colusa County? 26% unemployment, when it was only 11% in October. WOW!

And whats up with Mono County? 6.8% and it is inland as inland gets. Is that where Mammoth is? Is everyone there just flipping $11 burgers or renting skis?

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