California’s unemployment rate rose to 11.5 percent in May, which is not only the highest jobless rate there since World War II but also significantly higher than the national average of 9.4 percent.
Source: AHN
California’s economic recovery will be stymied by massive state work force cuts that could boost the unemployment rate to more than 12 percent and restrain growth even after housing markets stabilize, according to an economic forecast released Tuesday.
The quarterly Anderson Forecast from the University of California, Los Angeles predicted that 60,000 government positions would be eliminated as lawmakers try to reduce the state’s $24.3 billion deficit, making tepid growth likely until early 2011.
Source: San Jose Mercury News
According to EDD, Reuters: ” California’s unemployment rate increased to 10.5 percent in February from 10.1 percent in January as the most populous state’s economy worsened, official data showed on Friday.
California’s February jobless rate far exceeded both the state’s 6.2 percent rate a year earlier and the national unemployment average for February of 8.1 percent, according to the report by the state’s Employment Development Department.”
According to Reuters: “California’s unemployment rate rose to 10.1 percent in January, its highest level in a quarter century, as recession tightened its grip on the most populous U.S. state.
Weakness in the housing and consumer sectors helped drive the jobless rate up from a revised 8.7 percent in December and 6.1 percent in January 2008 and to above the national average in January of 7.6 percent, state officials said on Friday.”
With budget negotiations stalled, Gov. Arnold Schwarzenegger will begin the process of laying off thousands of state workers. Schwarzenegger spokesman Aaron McLear said Monday the administration will issue 20,000 notices to employees with the least seniority.
The governor had delayed releasing the notices Friday when it appeared lawmakers would pass a compromise plan to fill the state’s $42 billion shortfall. But a marathon weekend session has so far failed to produce the necessary votes.
Source: San Jose Mercury News
Gov. Arnold Schwarzenegger’s administration warned Tuesday that it is preparing to lay off 10,000 state employees if an agreement to close California’s yawning budget deficit isn’t reached by the end of the week.
Administration spokesman Aaron McLear said officials will send out layoff notices Friday absent a budget deal, with the goal of slashing roughly 10 percent of the 100,000 positions paid for by the state’s general operating fund. That would save an estimated $750 million through mid-2010; California faces a $40 billion budget gap over that period.
Source: San Jose Mercury News
Update (2-18-2009): California state workers layoff process begins
New York, “is running on empty when it comes to unemployment insurance. The state borrowed $120 million from the federal government to pay jobless benefits in 2008, and the fund was broke again on the first day of business this year. What’s more, the weekly benefits are completely inadequate given our high cost of living. Albany saw this problem coming and did nothing to solve it.”
“A spokesperson with the Nevada Department of Employment, Training and Rehabilitation says $533 million dollars in the fund currently could be gone by the end of this year. Mae Worthey also says the department may have to tap into federal funds to make sure those who are unemployed get their benefits.”
In California, “According to the Employment Development Department, the state pays about $30 to $34 million a day in unemployment benefits. It will have to rely on a $2 billion federal loan to get through March.”
“With Missouri’s jobless rate at 7.3%, the fund that pays unemployment benefits will be broke in two weeks. The unemployment trust fund has about $37 million dollars in the bank and it pays out around $20 million dollars a week.”
“With South Carolina set to release its latest unemployment numbers, businesses and lawmakers are contemplating tax hikes as one way to fix a system that needs to borrow hundreds of millions of dollars from the federal government so residents continue to get benefit checks.”
Gov. Arnold Schwarzenegger is warning state employees he will start issuing layoff notices if a court doesn’t let him force workers to take two unpaid days off a month — an action the state’s public employee unions argue he doesn’t have the authority to take.
A judge was scheduled to hear arguments Thursday on a lawsuit filed by state employee unions over Schwarzenegger’s furlough plan, which he estimates will save the state $1.4 billion this fiscal year.
Source: San Francisco Chronicle
According to MarketWatch: “California’s unemployment rate climbed to 8.4 percent in November, the third-highest rate in the nation, federal officials said Friday.
The jobless rate announced by the U.S. Department of Labor was up from 5.7 percent a year earlier, and 8.2 percent in October. Only Michigan and Rhode Island posted higher jobless rates than California.
The agency said California shed 41,700 jobs last month, bringing the total jobs lost over the past year to 136,000. Florida and North Carolina were the only states to lose more jobs in November.
The U.S. unemployment rate rose to 6.7 percent in November — a 15-year high. The nation lost 533,000 jobs last month, the largest monthly job loss in 34 years.”
According to InsideBayArea.com: “About 40 percent of Bay Area companies intend to chop jobs during the coming six months, according to a new survey of local executives released Thursday that sketches a bleak outlook for the region’s economy.
Regional business owners have now become even more pessimistic than they were in the wake of the 9/11 terrorist attacks, according to the Bay Area Council’s quarterly survey of business confidence.”
“Yahoo said that the previously announced layoffs at the Internet giant are set to take effect on December 10.
Yahoo confirmed it would cut it workforce by “at least” 10 percent of its global workforce–or about 1,400 to 1,500–on October 21, as part of its third-quarter earnings call. But it did not give an exact date for the action.”
“A laid-off worker (identified as Jing Wu, Asian male, 47, SiPort, Inc, Santa Clara) returned to his former office in Northern California and opened fire Friday, killing three people before fleeing and leading police on an intensive search.”
More details:
http://celebgalz.com/siport-santa-clara-shooting-jing-wu-siport-santa-clara-news/
Update (11/15/2008): “Suspect in triple homicide arrested in Mountain View”
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