California just announced that the unemployment rate slipped to 9.3 percent in December from 8.4 percent in November. The December rate is the highest in 15 years.
So, 90.7 percent of the California workforce is still working. In the best of times, about 95 percent are. Put that way, the 9.3 percent doesn't sound so bad.
The stock market has lost about 40 percent of its value from its peak, and home values are down about that much. Who's suffering more? The unemployed or those who have lost 40 percent of their net worth?
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