Posted by: BayAreaComRE | March 8, 2010

California Unemployment Takes Turn for the Worse – 12.5% Unemployed

The California unemployment figures through January paint a different picture than nation-wide. While we recently reported that the positive national job numbers will boost commercial real estate, we also need to point out that California’s employment path has not been commensurate with the national job figures. California’s unemployment figure spiked to 12.5 percent in January, while the national unemployment rate remained 9.7 percent.

In a positive note, most local Bay Area markets are below the state average. Look up your local market unemployment numbers – The Employment Development Department of California’s Local Profile – The MSA’s and local markets in the Bay Area varied considerably, as San Francisco County was at 9.4 percent, Santa Clara County ended 2009 at 11.2 percent and Contra Costa County figures showed an 11 percent unemployment rate. These stats were tabulated through December 2009, and the latest statistics for local markets and MSAs will be released Wednesday.

Here are some highlights from the report, and you can view the entire press release as well via Scribd.

Eight categories (mining and logging; construction; manufacturing; trade, transportation and utilities; educational and health services; leisure and hospitality; other services; and government) added jobs over the month, gaining 45,900 jobs.

Despite the increase in unemployment in January, the state added 32,500 jobs. The construction industry saw the largest increase with an additional 16,200 jobs.

The information, financial activities, and professional and business services industries were the only ones that lost jobs.

The total year-over-year change (January 2009 to January 2010) shows a decrease of 701,700 jobs (down 4.8 percent).

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