California Unemployment Jumps to 11.2%; Highest Since 1976
Friday, April 17, 2009 17:10
California’s unemployment rate jumped to its highest level in more than 30 years, climbing to 11.2 percent as 62,100 jobs we wiped out in March.
California’s unemployment rate reached 11.2 percent in March with 62,100 job cuts, the highest rate on record. The figure contrast with a national jobless rate of 8.5 percent. The new jobless figures are the highest since records first began to be released in 1976.
Over the last 12 months, California has seen 637,400 job cuts and the state has lost 727,700 jobs since the peak in July 2007.
For the past year, California suffered a 4.2 percent decline in job levels compared to the nation’s 3.5 percent loss.
California’s higher rate of job losses is primarily the result of a greater exposure to the housing downturn and related job losses in construction and finance.
California’s unemployment rate at 11.2 percent is the fourth highest in the US behind Michigan, Oregon and South Carolina.
There are now eight states with unemployment rates of 10 percent and more.
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Monster Healthcare Jobs In California says:
April 20th, 2009 at 8:57 am
Monster is offering free job fairs on the west coast next month. These career fairs are free to attend and free to companies wishing to set up a booth. If you are interested in attending, please email me at alex.averbuck@monster.com
Gman says:
May 1st, 2009 at 6:00 pm
STUDY SHOWS MORE THAN 2.1 MILLION CALIFORNIA SMALL BUSINESS JOBS WILL BE LOST OVER THE NEXT 3 TO 4 YEARS
1.5 Million Face Immediate Risk of Job Loss as a Result of Small Business Owners Who Took out Toxic Home Mortgages according to Bornstein & Song, CPAs & Consultants Study with MerchantCircle
Toxic Mortgage Study will Continue Nationally, Including Florida, Arizona, Michigan, and Nevada
Los Altos, CA April 23, 2009— New study results show more than one-third of all California small business owners took out risky or toxic mortgages such as Alt-A, Alt-A ARMs, Option ARMs, Interest-Only, and Subprime, etc. to get cash for business expenses during the peak of their home values from 2004 to 2007. As the first wave of mortgage resets hit, small business owners will be at-risk of “payment shock” and default as their monthly mortgage payments skyrocket. The toxic mortgage resets began in the 4th Quarter 2008 and will continue through 2012. “The resulting defaults will be the cause of the 2nd “Tsunami” Wave of Foreclosures that will dwarf the subprime crisis and will take many homeowners and small business owners by surprise. In California, these inflated mortgage payments will threaten more than 2.1 million small business jobs,” said Prof. Samuel D. Bornstein.