JUNE 19, 2009: California’s Unemployment Rate increased in May
ByThe State of California’s Employment Development Department (EDD) released the latest unemployment report today. The news is bleak but not unexpected. In May California’s unemployment rate jumped to 11.5, up from 11.1 in April. In total the state lost 68,900 non-farm jobs in May.
Some better news, the report did show growth in one category. Education and health services added 2,100 jobs over the month. Ten categories: natural resources and mining; construction; manufacturing; trade, transportation and utilities; information; financial activities; professional and business services; leisure and hospitality; other services; and government all posted total job losses of 71,000. Government jobs took the biggest hit, reporting a loss of 14,200.
The National unemployment rate also increased in May, rising to 9.4 percent. This current rate is higher than the doomsday scenario we were threatened with if the President’s stimulus plan didn’t pass into effect. So we spent all that money and we still lost that amount of jobs.
If you combine the current unemployment statistics with the EDD’s unemployment fund forecast that was released earlier in the month (that you also read about here) you have the perfect storm. Our unemployment fund is running in the red and if not corrected, will be short $17.8 BILLION dollars by the end of next year. Were losing jobs at record numbers as businesses make a mass exodus from our state. What is Sacramento doing about all this?…..nothing.
We don’t make “things” anymore and haven’t in a long time, so there goes our manufacturing industry. Our housing market is in the tank so there goes Real Estate and construction. Other states like New York, Louisiana, New Mexico and Michigan are offering incentives for film and TV production that California is not, so there goes a large part of our entertainment industry. And again, what is Sacramento doing about all this? As long as the fat cats in the Legislature see California business as a well to tap to fund their social programs we will continue to see our unemployment rate rise and our unemployment fund dwindle on empty.
Correct California’s anti-business climate and the jobs will follow.
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