News

State unemployment rate now at 11.5 percent

Survey estimates 177,000 jobs lost in month of May; Santa Clara County has Bay Area's most job losses

California's unemployment rate rose to 11.5 percent in May, the highest rate in modern record-keeping history, a state Employment Development Department spokesman said today.

A survey of households and businesses shows that the state's unemployment rate rose from 11.1 percent in April. It was at 6.8 percent in May 2008.

The 11.5 percent figure is the highest rate since the department started their current survey methods in 1976, according to spokesman Kevin Callori.

Using different calculations, the department estimated that California had unemployment rates of 11.7 percent in 1941, 14.7 percent in October 1940, and jobless rates of about 25 percent during the Great Depression, Callori said.

The most recent survey estimates that 177,000 jobs were lost in California during May, including 68,900 nonfarm payroll jobs.

The number of unemployed people in the state was about 2.1 million in May, up by 885,000 compared with a year ago.

Government posted the largest decline over the month, losing 14,200 jobs. Only educational and health services added jobs, gaining 2,100 positions.

Among the Bay Area's nine counties, Santa Clara County had the highest unemployment rate with 11.1 percent. Marin County had the lowest rate in the Bay Area, which was 7.5 percent.

The national unemployment rate also increased in May to 9.4 percent. California had the fifth highest rate in the nation, behind Michigan, Oregon, Rhode Island and South Carolina.

"When the world loses one-third of its wealth in 18 months, it is to be expected that historic levels of job losses will follow," Gov. Arnold Schwarzenegger said in a prepared statement today.

"Not surprisingly, we and our fellow states have seen unemployment numbers rise sharply during this difficult time," Schwarzenegger said. "A full recovery will not happen overnight - it will take time, which only further underscores the need to continue the economic stimulus measures I fought for in the February budget."

--Bay City News

Comments

 +   Like this comment
Posted by Pleasanton resident
a resident of Another Pleasanton neighborhood
on Jun 19, 2009 at 4:09 pm

Yet traffic is still heavy on my commute. Went to SFO this morning, tons of traffic after 10 am. Right now as I type this, tons of traffic. Where is everyone going if they don't have jobs?


 +   Like this comment
Posted by Cholo
a resident of Livermore
on Jun 19, 2009 at 4:40 pm

Given your post, I seriously doubt that an explanation about anything is gonna help you understand anything...why not just keep driving around in circles, you seem to enjoy it.

ignorance is bliss...


 +   Like this comment
Posted by Answer:
a resident of Mohr Park
on Jun 19, 2009 at 5:53 pm

"Where is everyone going if they don't have jobs?"

To my next Job Interview.

Move aside - I'm on my way to paying taxes again.


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