Reports don’t show any indication of a silver lining, not yet anyway.
From the LA Times:
California unemployment rate jumps to 9.3% in December
Reporting from Los Angeles and Sacramento — Unemployment in California rose sharply in December to 9.3%, its highest level in 15 years, as the state’s jobless rolls swelled to 1.7 million.
More than 78,000 people lost their jobs in December, and thousands more have received pink slips so far this month. Economists said layoffs were likely to remain heavy during the first half of 2009 and could reach as high as 11%. Improvement could come later in the year, they noted, if the federal government starts pumping billions of dollars into the Golden State for public works and social programs.
The Star-News reports the local jobless rate is 7.3%
County unemployment nearly doubles in 1 year
Los Angeles County’s unemployment rate nearly reached double digits in December, soaring to 9.9 percent, the state Employment Development Department reported Friday. That was a full percent higher than November’s jobless rate and nearly twice as high as it was a year earlier. In December 2007, county unemployment stood at 5.4 percent.
Some San Gabriel Valley cities posted jobless rates of more than 11 percent – a situation that would have seemed unthinkable two or three years ago.
Industry led the pack with an unemployment rate of 15.9 percent, followed by Baldwin Park (11.9 percent), El Monte (11.8 percent), South El Monte (11.5 percent) and La Puente (11.2 percent).
Whittier saw its jobless rate rise to 6.8 percent, Pasadena’s jumped to 7.3, West Covina’s rose to 8.4 and Pico Rivera’s hit 8.9.
Apparently, the situation is worse in cities around Pasadena, but…
Paul
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