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February 28, 2009

California’s unemployment rate above 10 percent

According to Reuters: “California’s unemployment rate rose to 10.1 percent in January, its highest level in a quarter century, as recession tightened its grip on the most populous U.S. state.

Weakness in the housing and consumer sectors helped drive the jobless rate up from a revised 8.7 percent in December and 6.1 percent in January 2008 and to above the national average in January of 7.6 percent, state officials said on Friday.”

January 9, 2009

By the standards of the 1930s, today’s jobless rate is 16.5%

[I]f unemployment were still tallied the way it was in the 1930s, today’s jobless rate would be closer to 16.5 percent — more than double the stated rate.

Under President Lyndon Johnson, the government decided individuals who had stopped looking for work for more than a year were no longer part of the labor force. This dramatically decreased the jobless rate reported by the government.

Source: Reuters

Total 2008 job loss: 2.6 million

Filed under: FYI,unemployment,US — 7macaw @ 7:29 am
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Another sobering government labor report released Friday showed the economy lost 524,000 jobs in December, bringing 2008’s total job loss to just below 2.6 million.

Last year’s steep drop in employment marked the highest yearly job-loss total since 1945, the year in which World War II ended.

According to the Labor Department’s monthly jobs report, the unemployment rate rose to 7.2% last month from 6.7% in November and higher than economists’ forecasts of 7%.

Source: CNN Money

job losses chart

job losses chart

December 31, 2008

Jobless claims fell 94,000

“Initial claims for state unemployment insurance benefits fell 94,000 to a seasonally adjusted 492,000 in the week ended December 27 from an unrevised 586,000 the prior week, the Labor Department said.”

“It was the lowest reading for initial claims since the week ended November 1 and well below the 565,000 new claims analysts had expected”, according to Reuters.

Jobless claims down sharply, backing away from 26-year high. according to CNN Money

December 19, 2008

Unemployment in California jumps to 8.4 percent

According to MarketWatch: “California’s unemployment rate climbed to 8.4 percent in November, the third-highest rate in the nation, federal officials said Friday.

The jobless rate announced by the U.S. Department of Labor was up from 5.7 percent a year earlier, and 8.2 percent in October. Only Michigan and Rhode Island posted higher jobless rates than California.

The agency said California shed 41,700 jobs last month, bringing the total jobs lost over the past year to 136,000. Florida and North Carolina were the only states to lose more jobs in November.

The U.S. unemployment rate rose to 6.7 percent in November — a 15-year high. The nation lost 533,000 jobs last month, the largest monthly job loss in 34 years.”

December 11, 2008

Jobless claims jump to 573,000, a 26-year high

Filed under: FYI,unemployment,US — DF @ 8:58 am
Tags: ,

According to MarketWatch: “The number of people collecting unemployment benefits rose by 338,000 to stand at 4.43 million, also the highest since late 1982. The increase in continuing claims in the week ended Nov. 29 was the most since 1974.”

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