California's unemployment rate continues to rise, reaching 12.5% in October. However, the state may have actually added jobs for the first time in over a year and a half:
Still, not all signs are negative. The state gained 25,700 jobs in October, reversing a trend that's seen California lose 687,700 jobs over the year. It is the first time the state has added jobs since April 2008.
There's some dispute about that number. According to John Myers at KQED Capitol Notes, it's numbers from state agencies that show growth, whereas federal numbers show a further decline. Even if the state really had added jobs (and the reports don't say in which sectors those jobs were added) it's a tiny fraction of what we need to restore the two years of job loss.
It's also unclear whether this is the trough of the recession and the prelude to a long climb upward - or whether it is a temporary respite before another downward slide. The latter outcome is looking more likely, as California faces another crippling round of budget cuts, as we close off educational opportunity to the masses, and as we have another two years to go before foreclosures peak.
These numbers should be sobering news to California legislators, who need to emphasize job creation. We've tried creating jobs the right-wing way, through massive tax and spending cuts and letting corporations do as they please. It hasn't worked. Perhaps it is time to do the only thing proven to create jobs this year, and that is spend public money to do it.
...10 reasons to believe we're in a Depression, from Seeking Alpha. Hard to disagree here. |
