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Double Dip?

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Double Dip?

New jobs data show California continuing to lose jobs, even as the unemployment rate improves slightly. And this is before Sacramento takes another axe to the budget.

It looks like things may get worse before they get better.

Economic analysts are raising the possibility of a "double-dip" recession in California after more stagnant jobs numbers were released Friday, according to the state. California lost more than 27,000 jobs in June, and unemployment was essentially flat, dropping from 12.4 to 12.3 percent.

The bad news is what comes next: another wave of budget cuts that, whatever their fiscal merits, could hurt the state's economy. Look for these job numbers to make it even harder to negotiate a budget, as Democrats cite the jobs picture to argue against spending cuts and Republicans point to the same data to make the case against any revenue increase.

It's a long, hot, jobless summer.

Related Topics Jobs, California, Unemployment
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