During the month of January there was a slight drop in the unemployment rate (from 5.9% to 5.7%). This increase in employment was due to the 26,000 jobs that were created in California and also because the screenwriters’ strike ended. Likewise the construction sector was benefited as the weak housing market started to pick up slowly.
In comparison, in February of 2007, the unemployment rate was of 5% which means that there is still progress to be made. Economists still state that the economy is completely flat and that it will worsen during this year.
In L.A., unemployment rate fell from from 5.7% to 5.3% between January and February, yet during the same month in 2007 it was of 4.3%. In conclusion, California is headed towards a mild recession as the rest of 2008 doesn’t seem to offer any changes in this trend.
Link: http://www.latimes.com/business/la-fi-caljobs22mar22,0,3322814.story
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