California and 26 other states and the District of Columbia saw unemployment rates in August according to the Labor Department. California saw its jobless rate jump from 11.9% in July to 12.2% in August. In neighboring Nevada it an astonishing 13.2%.
This comes the economy is (belived to be) in recovery. Markets are stabilized. Unemployment is expected to rise to 10% by end of the year. It’s a reminder. Employment is a lagging indicator of an improving economy.
“There’s still a fair amount of weakness in some of the larger states,” said Steven Cochrane, director of regional economics at Moody’s Economy.com in West Chester, Pennsylvania. “State finances are probably going to be among the last of all the various components of the broad economy to turn around.”
There are 14 states that have jobless rates below 10% Indiana is the latest. The hardest hit state is Michigan. The Unemployment rate there rose 2/10 of a percent to 15.2%.
Locally,Washington,DC is jobless rate is 11.3%. In New York City unemployment moved to 10.3%, Los Angeles County is 12.2%.
Bloomberg News has more.