Monday, April 19, 2010

California Jobless Rate Swells to 12.6 Percent

It is no secret that my home state of California has had a rising unemployment rate. Therefore, it should come as no surprise that the number of Californians without jobs increased last month to 12.6%. The state Employment Development Department made the announcement last Friday.

California's jobless rate grew from 12.5 percent in February after holding steady for a month. The rate was 10.6 percent in March 2009.

Howard Roth, Chief Economist for the State Department of Finance, said the unemployment rate appears to be at or near its peak.

It was the first time since mid-2007 that the state saw job gains for three consecutive months. The department previously had reported a job loss in February, but revised those numbers Friday based on new data.

"I think this is for real," Roth said of the economic rebound. "We're seeing it in other statistics as well, personal income, taxable sales and housing prices."

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