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People check job listings on computers at JobTrain, an educational and training institution that also offers career counseling and job placement services, in Menlo Park, CA (AP Photo/Paul Sakuma)
Although job losses are less, a 9.7 percent rate is the highest for national unemployment since June 1983 when it was at 10.1 percent. "Nonfarm payrolls declined 216,000 last month compared to a revised 276,000 drop in July, the Labor Department said Friday," according to the Wall Street Journal, which notes the news is not as bad as it sounds. "Even though the loss is huge by historical standards, it's an improvement; monthly job cuts earlier in the year totaled as much as 700,000. The economy has lost 7.4 million jobs since the recession started in December 2007."
State unemployment numbers for August have not been released yet, but July, at 11.9 percent, was record breaking for California.
A recent study found that Los Angeles ranked 47 out of 50 in the Job Market Competition index, meaning there's one job posting for eight unemployed people per night.
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Actual unemployment is much higher - probably close to twice as high.
Right, CosmicTap. I was gonna say, "...if unemployment were still tallied the way it was in the 1930s, today's jobless rate would be closer to 16.5 percent -- more than double the stated rate."
http://www.reuters.com/article/GCA-Economy/idUSTRE5077TM20090109
And this was back in January, when 16.5% percent was "more than double" the rate cited by the Fed, which has already risen 3 points since then.
Underemployment included with unemployment is 16.8%.
It only went up to 9.7 and not higher because 73K were added to the govt payroll. Govt has been the NO 1 employer this year.
LA-LB-Glendale unemployment in July was 12.7%. That's a figure that was released earlier in the week.
Geeze trojie ever since the Bush Admin. reclassified flipping burgers at McDonald's as a manufacturing job, there's really no such thing as "underemployment" anymore.
Just think, now you can take that USC degree of yours, get a job doing telemarketing and you'll actually be a "communications specialist", or get a job at Wal-Mart, or Target where they sell DVDs, computers, or electronics, and you'll have one of those, "high tech jobs".
It may not bve the American Dream you dreamt of, but all you really have to do is lower those expectations buddy!
no... the figure is more like 22% for CA if consider the underemployment.