Saturday, March 21, 2009

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California economy worsens, unemployment at 10.5 percent

California's unemployment rate rose to 10.5 percent in February, its highest in nearly 26 years, as most industries in the most populous U.S. state slashed payrolls.

California's high-technology companies, for instance, felt the brunt of job losses earlier this decade after the implosion of dot.com companies.

The increase underscores how the U.S. financial crisis and slump in consumer spending it prompted is battering California's economy, the world's eighth largest, and compounding troubles brought on by its prolonged housing downturn.

At 10.5 percent, California's unemployment rate is at its highest level since April 1983 and has increased for 11 consecutive months, economist Steve Levy of the Center for the Continuing Study of the California Economy said on Friday after officials reported on the state's labor market.

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