the visible hand

it is the theory which decides what can be observed – einstein

California unemployment hits 6.8%

Posted by ecoshift on June 20, 2008

California unemployment hits 6.8% – Los Angeles Times
That’s 1.5 percentage points higher than last year, the state reports. The May rate is the fifth highest in the nation.
Marc Lifsher, Los Angeles Times Staff Writer
June 21, 2008

SACRAMENTO — California’s moribund construction and real estate industries helped push the state unemployment rate to 6.8% in May, its highest level in nearly five years.

The state Employment Development Department reported Friday that joblessness in May rose six-tenths of a percentage point from the previous month and was a dramatic 1.5 percentage points higher than in May 2007.

And the outlook is likely to get worse for California — at least for the rest of the year, experts said. Economic concerns, fueled by higher oil prices, also sent stocks lower Friday, with the Dow Jones industrial average falling 220.40 points to 11,842.69, the lowest level in three months.

“Although some forecasting groups continue to debate whether or not the economy is heading into a recession, these numbers should make it perfectly clear that the state is already in a recession,” Beacon Economics, a Los Angeles-based research firm, said in an analysis of the jobless data. “The only question now is, how long and how bad will it be?”

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