California Continues to Divebomb in the Jobs Market
It has been the second month in a row that California's economic stability falters as state employers once again reduced payrolls which has pushed the jobless rate up from 12% in July. According to figures released Friday by the state Employment Development Department, payrolls fell by 8,400 positions last month, making the state have the second-highest unemployment rate in the nation.
State employers in California have added only 11,000 jobs since March while analysts are saying that employers are holding off on hiring until they feel more confident about their economic future with the European debt crisis, stock market slides, and slow-moving economic growth.
Economist from Chapman University, Esmael Adibi, asks the question many Californians are thinking: “The big question is: Is this a pause in hiring or are we going through a fundamental change in direction?”
In August, government lost 3,600 positions in California while construction, information and financial activities also cut jobs last month. The number of unemployed people in the state has now reached 2.2 million and the majority of them have exhausted all of their 99 weeks of unemployment benefits months ago.
Because of this rampant joblessness in the Golden State, the Census Bureau announce this week that 16.3% of Californians had incomes below the federal poverty line in 2010.
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At the current hiring pace jobs won't hit there old peak until December 2016....almost six years from now.
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