Double Digit Unemployment Until 2012
OAKLAND, CA - APRIL 17: A job seeker looks at job listings posted at the East Bay Works One-Stop Career Center April 17, 2009 in Oakland, California. The California state unemployment rate surged to 11.2 percent in March, the highest level since 1941 when unemployment was 11.7 percent. An estimated 2.1 million Californians are out of work. . (Photo by Justin Sullivan/Getty Images)
Thursday, Feb 10, 2011 Updated at 7:41 AM PDT
Bad news on the jobs front. A new estimate of the California employment picture from UCLA economists says that unemployment should stay in double digits until the fourth quarter of 2010.
Unemployment has been north of 12 percent, and will stay that way this year.
What's behind the numbers? The UCLA economists believe that the construction sector is dragging down the state jobs picture, despite good news in exports and tourism. Full details via the LA Times.