California (official) unemployment rate at 10.1 percent; LA County even worse

[marmar]

from Los Angeles Times:



State caught in avalanche of job losses

By David Pierson
February 28, 2009


Unemployment in California shot up to its highest level in nearly 26 years in January, leaving more than 1 in 10 workers without a job.

Figures released Friday show that 79,300 jobs were lost in the state last month, bringing the total number of unemployed to 1,863,000, or 10.1% of the workforce. That's the highest since the rate touched 10.4% in 1983.

California unemployment rate reaches 10....Conditions are even worse in Los Angeles County, which saw its unemployment rate jump to 10.5% in January from 9.2% the month before.

The deep job losses follow a sharp drop in the gross domestic product -- the value of all goods and services produced -- in the waning months of 2008. Nationwide, GDP shrank at an annual rate of 6.2% in the fourth quarter, the Commerce Department said Friday. That was far worse than the 3.8% drop the agency had estimated, and the biggest decrease since 1982.

Paul Policarpio knew it was only a matter of time before he would be laid off.

In his final months as a sales associate at a Nordstrom store in Canoga Park he spent most of his time straightening out the piles of unsold clothes. A couple of weeks ago, the ax fell. ......(more)

The complete piece is at: http://www.latimes.com/business/la-fi-jobs28-2009feb28,0,7903208.story