California’ Jobless Rate Remains at 12.4 Percent

The Golden State remains tarnished thanks to 12.4% unemployment. Nevada remains the Highest at 14.3% California tied Michigan at 12.4% From Bloomberg News:

Payrolls decreased in 28 U.S. states and the unemployment rate climbed in 21, showing most parts of the world’s largest economy took part in the November labor- market setback.

North Carolina led the nation with 12,500 job cuts last month, followed by Massachusetts with 8,600 dismissals, and Ohio with 7,800, figures from the Labor Department showed today in Washington. Joblessness increased most in Georgia and Idaho, while workers in Nevada faced the highest rate in the country at 14.3 percent.

The report is consistent with figures on Dec. 3 that showed unemployment increased last month for the first time since August. The Federal Reserve’s pledge to buy an additional $600 billion of Treasuries by June and the $858 billion bill passed by Congress extending all Bush-era tax cuts for two years may help boost growth and cut unemployment.

The report shows “an uneven distribution of improvement with some disappointing results,” said Russell Price, a senior economist at Ameriprise Financial Inc. in Detroit. “We’ve seen pretty clear evidence that demand is starting to improve and with the tax program that was passed last night it should further accelerate. That increased demand is going to pull forward further improvements in employment.”

Hopefully the extension of the tax rates staying the  same and the cut in payroll taxes will lead to hiring soon.

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