Home Front

A blog about the economy and the Sacramento-area real estate market.

December 5, 2008
Not since 1974....

...have layoffs been this rampant. The national job figures for November are out this morning, and they're pretty bad. Employers eliminated 533,000 jobs, driving the US unemployment rate to 6.7 percent.

    Here are a few choice comments from Sun Won Sohn, an economist at CSU Channel Islands, from a report he circulated to the media  a little while ago:

     "The economy is headed downhill and the brakes are not working. There are so many layoff announcements that it is hard to keep track of."

    "Unfortunately, the job picture will get much worse. The unemployment rate will go over 8 percent in 2009."

   Of course, it's already 8.2 percent in California (and 7.9 percent in Sacramento), as of October. The November figures will be released in two weeks. Can't imagine they'll bring good news.

      Not scared yet? An investment analyst says Intel Corp. may cut its workforce  by 10 percent, which would undoubtedly hurt the chipmaker's Folsom campus.

 On the other hand, we do have this ray of sunshine to offer you: Hunter Douglas, the window shutters and blinds manufacturer, said today it plans to move jobs to its new West Sacramento plant.

       There was no immediate word on how many jobs are coming. Hunter Douglas is moving 166 jobs out of Renton, Wash., but some of those jobs are going to Salt Lake City. 

    Jim Wasserman and I will have more on this in Saturday's paper.

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