Saturday, September 20, 2008

Unemployment up up up

The unemployment numbers came out on Fri. and like I said in my previous post it was going to go up out here in la la land. For CA the July unemployment number was revised from 7.3 to 7.4. The new preliminary number for August is 7.7%. Not good. The O.C. fared a little better than it's neighbor up north at 5.8% while L.A. County climbed to 8.2%. Yikes!
In CA. that accounts for a total of 1,417,175 people unemployed. That doesn't account for the "underemployed" and for those that didn't file which would push the truer number over probably 10%.
Interesting none of the news stations I watched on Fri. said anything about this. Too giddy about the 700B bailout. Did anyone ask them how the taxpayers are going to pay for this if we all keep losing jobs?
http://wwwedd.cahwnet.gov/About_EDD/pdf/urate200809.pdf

Two years ago we were at 4.9% with 873,145 unemployed people
http://data.bls.gov/PDQ/servlet/SurveyOutputServlet?data_tool=latest_numbers&series_id=LASST06000003
It's going to be a bleak Christmas season for a lot of people this year and I'm not talking about the wingdings on Wall St. I'm talking about the average Joe having to cut expenses. Wait until stores report earnings and see how many of those have to lay off more workers or close entirely. Do you see how this downward spiral is going to affect sector after sector more and more?

Oh and by the way, it'd be nice if the goonies in Sacramento pass a budget soon.

1 comment:

Anonymous said...

We brilliant Kalifornions will never make the connection between the unemployment rate and the number of illegal immigrants we so eagerly share our finite pool of available jobs with.