Fears of Double-Dip Recession in California
As the national unemployment rate hovers quite stably below the double-digit mark, California's troubled economy continues to dive into despair. The state's jobless rate rose to 12.4 percent last month, renewing fears that California may fall into a not-so-delicious-as-it-sounds double-dip recession.
As the national unemployment rate hovers quite stably below the double-digit mark, California’s troubled economy continues to dive into despair. The state’s jobless rate rose to 12.4 percent last month, renewing fears that California may fall into a not-so-delicious-as-it-sounds double-dip recession. –JCL
WAIT BEFORE YOU GO...The L.A. Times:
California’s deeply troubled labor market took another hit in August as the unemployment rate rose and employers laid off more workers than expected, renewing fears about a double-dip recession.
The state’s jobless rate increased to 12.4%, up from 12.3% in July. Employers shed 33,500 jobs in August, marking the third straight month of payroll job losses.
“It’s surprising and very, very disappointing,” said Stephen Levy, director of the Center for Continuing Study of the California Economy. “This marks a couple months now where we’ve done worse than the nation.”
This year, the ground feels uncertain — facts are buried and those in power are working to keep them hidden. Now more than ever, independent journalism must go beneath the surface.
At Truthdig, we don’t just report what's happening — we investigate how and why. We follow the threads others leave behind and uncover the forces shaping our future.
Your tax-deductible donation fuels journalism that asks harder questions and digs where others won’t.
Don’t settle for surface-level coverage.
Unearth what matters. Help dig deeper.
Donate now.
You need to be a supporter to comment.
There are currently no responses to this article.
Be the first to respond.