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California Jobless At Postwar High

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California's jobless rate reached a fresh post-World War II high in July, climbing to 11.9%, a sobering reminder that though the nation's deep downturn may be nearing its end, the state's employment woes are far from over.
Still, July's numbers were worse than some analysts had expected, rising from 11.6% in June and led by declines in trade, construction and manufacturing. Even with the rise in unemployment here, however, a consensus is growing that the worst of the recession may be over.
Still, a robust recovery appears unlikely, and some regions of the country are expected to suffer fallout from the bursting of the housing bubble for years to come. That includes California, which is now tied with Oregon for the fourth-highest unemployment rate in the nation, behind Michigan, Rhode Island and Nevada. The U.S. unemployment rate is 9.4%, down from 9.5% in June.

California's battered construction and housing industries, long pillars of the state economy, remain troubling sources of weakness. Over the last year, the state has lost 760,200 jobs, nearly 1 in 5 of them in construction. White-collar workers have likewise suffered from the housing crash as thousands of jobs in banking, mortgage processing and real estate sales have vanished.

The number of new-home permits issued in July fell 47.4% from a year earlier, according to the Construction Industry Research Board.

East Los Angeles resident Robert Gonzales said he was struggling to support his three children after his job as an industrial painter disappeared a year ago when his employer moved to Ohio.

When he first lost his job, he was able to find odd carpentry and plumbing work, but his phone has stopped ringing. Now, he can barely pay the taxes on the home he owns, and he struggles to put food on the table.

http://www.latimes.com/business/la-fi-calj...0,6343107.story

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:lol::lol:

chuckled myself at that one also. :D

I suppose it's inherent & immoveable, no governemtn in history has surely said that there WILL be a recession/depression next year & that it will last for 5/10 years & keep stating those facts.

That's why we have them.

power & greed will always make it so.

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California has become unproductive and too expensive.

The Tech companies have outsourced to India and Asia and Hollywood is in decline. Thank goodness that Cali has the fruit industry and the war industry.

:blink:

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Still, July's numbers were worse than some analysts had expected, rising from 11.6% in June and led by declines in trade, construction and manufacturing. Even with the rise in unemployment here, however, a consensus is growing that the worst of the recession may be over.

LOL? :lol:

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I suppose it's inherent & immoveable, no government in history has surely said that there WILL be a recession/depression next year & that it will last for 5/10 years & keep stating those facts.

Yes, that doesn't win many votes.

That said, "recessions" and "depressions" are just words defined as people see fit.

The truths of the matter are that (1) there is a lot of debt that must be repaid or defaulted and (2) there is only so much oil in the ground.

What words you use to describe the world are up to you - the truth, however, is immovable.

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California has become unproductive and too expensive.

The Tech companies have outsourced to India and Asia and Hollywood is in decline. Thank goodness that Cali has the fruit industry and the war industry.

:blink:

And porn, MT.

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