unemployment FACTS....heating up
SACRAMENTO (AP) -- California's unemployment rate jumped to 8.2 percent in October, the highest rate in 14 years, just as a state fund that pays unemployment benefits was about to run out of money.
State officials are preparing to ask the federal government to step in with a loan on Dec. 1 so they can continue paying jobless benefits to California's now more than 1.5 million unemployed, nearly a third of whom have lost their jobs in the last year.
The rate announced Friday by the state Employment Development Department was up from 7.7 percent in September, and from 5.7 percent in October 2007.
Notice the rate of job losses is accellerating. At this rate of change, we are very very close to 10% unemployment. You can listen to the pundits trying to give you a false sense of security, or you can analyze the facts. The choice is yours.