Saturday, February 28, 2009

Statewide Unemployment Hits 10.1%

From the EDD (pdf):

California’s unemployment rate was 10.1 percent in January, and nonfarm payroll jobs declined by 79,300 during the month, according to data released today by the California Employment Development Department (EDD) from two separate surveys.
Almost 35% of the jobs lost were in IT alone:
EDD's report on payroll employment (wage and salary jobs) in the nonfarm industries of California totaled 14,648,100 in January, a net loss of 79,300 jobs since the January survey. This followed a loss of 84,400 jobs (as revised) in December.

Four categories (natural resources and mining; educational and health services; leisure and hospitality; and government) added jobs over the month, gaining 7,400 jobs. Educational and health services posted the largest gain over the month, up by 3,900 jobs.

Seven categories (construction; manufacturing; trade, transportation and utilities; information; financial activities; professional and business services; and other services) reported job declines this month, down 86,700 jobs. Information posted the largest decline over the month, down by 27,700 jobs.
Looks like at least one of my 2009 guesses was right... Region-specific data for Sacramento will be released next week. Not a pretty picture.


2cents said...

Interesting that IT is being hit - does this mean those jobs are being off-shored? IT used to be a way for businesses to reduce costs.

I was comparing charts of CA unemployment rates and Sac median home prices since the 80s. I don't see any relationship. But in our current situation I can't see employment rising until home prices at least start to flatten out . . . . and we're on to the next asset bubble.

patient renter said...

Looks like at least one of my 2009 guesses was right...

and incredibly you hit it in the first month!