California’s Unemployment Rate hit 12.5%.
From California’s Employment Development Department
SACRAMENTO – California’s unemployment rate was 12.5 percent in October, and nonfarm payroll jobs increased by 25,700 during the month, according to data released today by the California Employment Development Department (EDD) from two separate surveys. The U.S. unemployment rate also increased in October, rising to 10.2 percent. In September, the state’s unemployment rate was a revised 12.3 percent, and in October 2008, the unemployment rate was 8.0 percent. The unemployment rate is derived from a federal survey of 5,500 California households.
Nonfarm jobs in California totaled 14,199,000 in October, an increase of 25,700 over the month, according to a survey of businesses that is larger and less variable statistically. The survey of 42,000 California businesses measures jobs in the economy. The year-over-year change (October 2008 to October 2009) shows a decrease of 687,700 jobs (down 4.6 percent).
EMPLOYMENT AND UNEMPLOYMENT IN CALIFORNIA
The federal survey of households, done with a smaller sample than the survey of employers, shows a decrease in the number of employed people. It estimates the number of Californians holding jobs in October was 16,041,000, a decrease of 94,000 from September, and down 981,000 from the employment total in October of last year.
The number of people unemployed in California was 2,293,000 – up by 36,000 over the month, and up by 808,000 compared with October of last year.
This is a sad sad story. Looks like a long time before things turn around.