Sunday, 19 September 2010

The slow growth to US unemployment

Figures out from California at the end of last week suggest that any growth in the United States economy is too small to do anything about the country's unemployment rate. According to data released by the Employment Development Department, California has lost 113,100 jobs since August 2009 with the current unemployment rate now at 12.4%
The Los Angeles Times reported on Saturday that last month's 33,500 job losses were widespread, hitting almost all sectors, including construction, manufacturing, financial services, leisure and hospitality, trade, transportation and utilities. Government was the biggest loser, shedding 9,200 jobs, most of them temporary census positions.
As California is such an important component of the total US economy, these figures bode ill for any early recovery in the national employment picture. The following graph from the Calculated Risk website shows that the unemployment levels  rose by a greater percentage and are taking longer to recover than in any other post-World War !! recession.

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