California economy worsens, unemployment at 10.5 pct

[UpInArms]

Source: Reuters

SAN FRANCISCO, March 20 (Reuters) - California's unemployment rate increased to 10.5 percent in February from 10.1 percent in January as the most populous state's economy worsened, official data showed on Friday.

California's February jobless rate far exceeded both the state's 6.2 percent rate a year earlier and the national unemployment average for February of 8.1 percent, according to the report by the state's Employment Development Department.

California lost 116,000 non-farm payroll jobs in February from January and 605,900 non-farm jobs from a year earlier, marking a 4.0 percent decrease in nonfarm payrolls, the report said.

The U.S. financial crisis has battered California's economy, the world's eighth largest, which already had been slowed by a prolonged housing downturn.

Read more: http://www.reuters.com/article/bondsNews/idUSN2050426320090320

[aquart]

1. A lot of the job cuts are still coming.

They were only just announced at my brother-in-law's company. Now everyone is waiting to see who goes.

[wtbymark]

2. 11.5% in Nevada for Feb. as reported today n/t

[skoalyman]

3. mean while they say the bottom's in and though the dollar fell some its

on the rise but for how long?:crazy:

[Bette Noir]

4. Ouch.

My household has gone from "comfortable" to "getting by." I hope we don't progress to "struggling."

When hubby got laid off a couple of years ago, we didn't worry too much, as we had a goodly pad of money in investments. That is no longer the case. I hope he doesn't get laid off again. Already, our employer-provided health insurance has been cut to the point where it's hardly insurance at all.

[MissB]

9. Only 10.8% in Oregon

We're not #1! Yippee.

[xchrom]

5. +2 -- wow and the hits just keep on coming.

when do The People get a bail out?

[opihimoimoi]

6. Arnold and his GOP Crew has been looking in the wrong places for the solutions

Many Many answers and solutions are evident but them pesky Pubs can't seem to find them....even the Dems cannot see that far ahead but at least they be on the right track with the recent Positiveness displayed by President Obama..

Its all there....I can see them....many others can too.....but the Pubs are myopic, and when they try Positive....they are rookies and make errors while outta their water....

[nichomachus]

11. The only place Arnold has looked has been up his own ass

I don't know who ever imagined that self-important douchebag was fit to be a dog catcher -- never mind governor.

[opihimoimoi]

12. OMG...ya shoulda warned us.....

[Liberal_in_LA]

14. His suits must have heavily padded arms and shoulders. He looks so much more fit in suits!

[Liberal_in_LA]

15. Rightwing talk radio beat the drums against Gov Gray Davis. That's how Arnold got into office. Now

they are in a lather about the state of CA economy.

[Hawkowl]

7. Unemployment not the DOW

This is the true measure of our economy. This spike in the stock market is a mirage. Mere wishful thinking, whistling past the graveyard, etc.

People will not start buying until they feel secure. Secure in their jobs, secure that an illness won't bankrupt them, secure their retirement funds won't mysteriously vanish.

When unemployment starts DECLINING, then we will know that the economy is turning around. I have been predicting 15% national unemployment for over a year now and I see no reason to change my thinking.

[vinylsolution]

8. There's one little word....

.... missing from this article:

ENRON.

[fascisthunter]

10. When One State Struggles all States Struggle

[David__77]

13. It's bad here in Sacramento.

My field is doing better with the worse economy, but even so, I'm moving in with three roommates next month so I can consolidate my financial footing just in case.