Wednesday, March 25, 2009

This is reality. California unemployment poised to hit 12%

I am here in Illinois and the unemployment rate is over 8.6%. This is not good for Illinois because we are close to that double digit, but for Cali to hit 12% this is very bad news.

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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