I knew the situation was bad in California but that's a stunning figure more in line with what is seen in Europe. (To be fair to Europe, the numbers are counted differently and if counted the same, the US figures would probably be around the same.) In Europe the scariest numbers are coming out of Spain (14.5% and forecasts suggest 20% are coming) which also had a booming real estate market until recently.
For the past six months I have been seeing no shortage of friends and colleagues losing their jobs as I'm sure everyone has seen. This is part of my frustration with the current economic team who continue to work in a "business as usual" manner. These aren't usual times. Even if it's not the worst recession since the Depression (maybe it is, maybe it isn't) this one is bad. Business as usual needs to be sent packing before we lose the economic battle and invite the Republicans back into power. Obama says that he gets it but unfortunately, it doesn't appear to be the case.
California's jobless rate will climb to a staggering 11.9 percent between April and June next year, and double-digit unemployment will linger in the nation's most populous state at least through 2011, according to a new economic forecast.
The somber outlook in the quarterly Anderson Forecast from the University of California at Los Angeles, to be released Wednesday, came as the state struggles with a housing meltdown, budget crisis and slack consumer demand that has hurt the retail, manufacturing and trade sectors at the heart of the state economy.
The projected jobless rate would grow to 11.9 percent between April and June 2010, and average 11.7 percent for that year. The figure stood at 10.5 percent in February. Forecasters say it will average 11 percent for 2009.
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