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IPFS News Link • Economy - Economics USA

California's unemployment rate hits 12.2% in August

• LA Times
California's jobless rate set a fresh postwar high in August, rising to 12.2% from 11.9% in July and putting more pressure on the state's tattered unemployment insurance fund.

Though the state may be in the early stages of an economic rebound, the latest figures underscore what many economists fear: There is no obvious engine of job growth to put California's more than 2.2 million unemployed residents back to work quickly.

There was some encouraging news in the job figures released Friday by the state Employment Development Department. The pace of payroll job losses has slowed dramatically. California employers slashed a net 12,300 jobs last month. That's down from 39,000 jobs lost in July and the average of more than 70,000 jobs shed monthly during the first half of the year.

1 Comments in Response to

Comment by Lola Flores
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 Yep, 12.2% if you don't count those who have run out of unemployment benfits, are underemployed or just working part-time.  Government math is like Christian math, a wonderful and convenient tool of misinformation.