9.6%…

Posted By PK Last updated September 4th, 2010 2 Comments

The official U-3 unemployment rate is now 9.6%, up a tick from the 9.5% we saw last report. However, private employers added 67,000 jobs in August, while July’s numbers were revised upwards to 107,000 private sector positions and June numbers were also adjusted to 61,000.

California is suffering disproportionally in the current economic conditions. Unemployment in California is currently (July) 12.3%, and where I am in the San Jose-Sunnyvale-Santa Clara metro area the July preliminary number is 11.5%. Even at the peak of the tech bubble’s bursting, in June 2003 the metro area only registered a 9.2% unemployment rate. In January of this year, Santa Clara County had a 12.1% unemployment rate and San Jose Metro had a 12.4% rate. Graphically, here’s what it looks like:

Unemployment Rate: California, San Jose Metro, and National (BLS)

Yellow is the metro area, non-seasonally adjusted. Red is California, Seasonally Adjusted. Blue is national, Seasonally Adjusted.

If you enjoyed this post, let others know!

http://nacoral.com Jeff

I do not fully understand how job opportunities will be developed when many USA based businesses are investing their profits offshore. Take General Electric by way of example. General Electric’s most recent initiatives to construct jet engines for China will result in them passing over their designs for the engines they build. Another organization, Yum Brands, is earning over fifty percent of its revenue from outside America. Until trade policies are modified, the downward spiral in jobs is inevitable.
http://dqydj.net CameronDaniels

It depends on the industry. For many industries the most important capital (investment) is in education or knowledge. I would say American education and entrepreneurship is at the forefront of eventual sustainable American job recovery.