California workers without jobs at alarming rate with 10.1 percent jobless rate.
San Francisco, CA (JusticeNewsFlash.com)–California state officials released record unemployment statistics for January 2009, as reported by Reuters late Friday. The 10.1 percent California unemployment rate marks the highest in 25 years. Financial analysts claim a plummeting housing market and a weakening consumer sector drove California’s jobless rate well above the national average of 7.6 percent.
Consumer spending has bottomed since the Wall Street economic fallout. The state has also cut hundreds of thousands of workers and eliminated mass state contracts in an attempt to rescue the faltering state budget. Major private sector corporations and financial institutions have also laid off and eliminated employees and their positions.
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