Job Market

Featured, Prayer List | September 22, 2010

unemployment

We would like to pray for those who are still unemployed & still seeking work due to the recession our country has been going through for the last 2 years.

California’s deeply troubled labor market took another hit in August as employers laid off more workers than expected, renewing fears that the state’s economic recovery has stalled.

Employers cut 33,500 jobs, marking the third straight month of losses and pushing the state’s unemployment rate to 12.4%, up from 12.3% in July, according to data released Friday by the Employment Development Department. California has lost 113,100 jobs since August 2009.

Last month’s 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.

The deteriorating job market is bad news for the Golden State’s 2.3 million unemployed workers. Almost 1 million of them have been jobless for more than six months. And nearly 200,000 have exhausted their unemployment benefits, which last up to 99 weeks.

Some of the unemployed, discouraged or depressed, have quit looking for work. About 926,000 such Californians who are no longer counted as unemployed said they want a job, according to the most recent state government figures. Some are going back to school or retraining for other careers. Others are retiring early or applying for disability insurance.

California’s labor force participation rate, which measures the percentage of the population working or actively seeking a job, fell to 64.2% in July from 66% in July 2008. Economists said that’s a worrisome decline that could hurt the state’s productivity down the road.

Comments are closed.