CA UNEMPLOYMENT rate hits 12.1% as employers slash jobs – latimes.com
Job seekers read pamphlets as they wait in line to enter a job fair in San Jose in August. California’s unemployment rate rose to 12.1% last month from 12% in July. (Justin Sullivan / Getty Images)
California unemployment rate hits 12.1% as employers slash jobs
State employers reduce payrolls in August for the second month in a row as they see signs of a faltering economy, pushing the jobless rate up from 12% in July.
By Alana Semuels, Los Angeles Times
September 17, 2011
Unsettled by signs that the recovery is stumbling, California employers in August cut jobs for the second month in a row, helping push the unemployment rate to 12.1% from 12% in July.
Payrolls fell by 8,400 positions last month, according to figures released Friday by the state Employment Development Department.
It’s a worrisome sign for California’s labor market, which has all but ground to halt. California has gained 98,500 jobs in 2011, but almost all of that hiring came early in the year. The state’s employers have added just 11,000 jobs since March.
The European debt crisis, the recent stock market slide and sluggish economic growth numbers have spooked employers, who are holding off hiring until they feel more confident about the future, analysts said.