We welcome you to JobBank USA and hope your job hunting experience
is a pleasant one. We hope you find our resources useful.
September 21, 2007
SAN FRANCISCO - Skyrocketing foreclosures in California are acting to nudge the state’s unemployment rate up, as jobs in construction and the financial sector related to mortgages are lost. In August California’s unemployment rate was 5.5 percent, up from 5.3 percent in July and 4.9 percent a year ago.
"Statewide there have been about 30,000 job losses in these sectors over the past year," said Stephen Levy, director of the Continuing Study of the California Economy in Palo Alto.
Even job growth in the retail sector is affected, according to Chris Thornberg, founding partner of Beacon Economics. "What's going to push the economy into a downturn is really consumers, because consumers have been spending way beyond their means for the last few years on the basis of really false estimates of what their house was worth. Of course you're going to have to see some return to normalcy now,” he said.
Still, unemployment numbers in the state are at historic lows.
Email This Page!