Friday, January 18, 2008

California unemployment rate rises 27% YOY

From the LA Times.com:

California's jobless rate jumped to 6.1% in December, up from 4.8% a year ago, prompting Gov. Schwarzenegger today to take steps to combat rising unemployment.

The steep rise in joblessness from 5.6% in November showed that the ongoing housing slump, the fallout from the sub-prime mortgage debacle, and widespread production shutdowns amid the Hollywood writers strike took their toll on the state's economy in December.

Schwarzenegger called an emergency meeting of state officials Thursday. The governor instructed agency directors and department heads to immediately recommend ways to speed the release of $29 billion in unallocated funds from the 2006 infrastructure bonds. He said he wants to speed up construction of roads and schools and levee repairs to stimulate economic growth and "keep more people working."

"The people of California are feeling the hit of the sub-prime mortgage
crisis and housing slump," Schwarzenegger said in a statement today.

4 comments:

hankmeister said...

The real information is here => http://www.dof.ca.gov/HTML/FINBULL/2007_FB/December/

The main State Dept. of Finance (DOF) website is a good one to book to bookmark.

Ichabod said...

I hear a lot of real estate companies are hiring!

Ok jokes aside, apparently a lot of companie are getting drowned in job applications with Real Estate as prior work history!

hankmeister said...

anecdotal evidence suggests that the pull back by the developers and civils in Sept/Oct has finally worked its way down to the sub's. Nobody wants to lay off right before Xmas.

SacramentoCrash said...

Fools and liar bailout courtesy of the DC Nut crowd

Why oh why must it always be the little old lady with her modest portfolio of CD's and safe dividend paying utility stocks that is made to pay the price for the deadbeats who take out loans they cannot make good on and the bankers that lend it to them?

Deflation is good for the frugal with cash, inflation is good for the fool with $25,000 in credit card debt, a liar loan and a $750,000 house he had no business buying in the first place.

This country has become a nation of whining parasites demanding the few who live responsibly bail them out again and again.

Give me the recession and let the fools pay the price.



What you will get is:

High oil prices
Spiraling inflation
Devalued dollar
LESS consumption by boomers and seniors because their savings account income and dividend yields were hacked by the Fed.

Depression like 1929 which was also caused by a hyperbubble.