Home Front

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

April 17, 2009
Unemployment: 11% and worse

   In case you missed it earlier today, the state and local unemployment rates came out.

    They were (brace yourself) pretty bad.

    Unemployment has now crossed the 11 percent threshold in California and the Sacramento region. The March rate for California is the worst since 1940, at 11.2 percent, although going that far back in time is a little dicey because the methods for calculating the rate were much different then. If you go back as far as 1976, when modern record keeping began, this is the worst ever.

    Some other notes:

     The state lost 62,100 jobs, the fifth straight month at 60,000 or more. But it's only half as bad as February, which the state's chief economist Howard Roth took as a glimmer of good news.

    The health care industry might not be immune to the recession after all. It lost 100 jobs in Sacramento last month - not a lot, but worrisome when you consider what an engine of growth it's been.

     The construction industry keeps bleeding. Some 1,700 jobs were cut in Sacramento last month. Usually in March the industry expands.

    More in Saturday's paper.

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