I discussed in the previous post that Nevada’s unemployment rate had hit 10.4 percent with the Reno area a bit higher. What is frequently said is what happens in California will soon happen in the rest of the country. Therefore I take note of events with our neighbor to the west.
SACRAMENTO (AP) — California’s unemployment rate hit 11.2 percent in March, the highest rate on record, as the construction, manufacturing and banking industries continued to shed jobs, the state Employment Development Department reported Friday.
The state’s unemployment rate grew from 10.6 percent in February and is nearly 5 points higher than in March 2008.
It is my belief that the large unemployment numbers is related to the large number of foreclosures.