The once Golden State is not so golden anymore. Unemployment rate in the world number six largest economy jumped to its highest level since 1976. Unemployment rate climbed to 11.2% with 62,100 jobs lost in March 2009, compared to February rate at 10.6%. About 640 thousands jobs have lost in California during the past 12 months. Today, more than 2 million Californians have no jobs.
According to U.S. Bureau of Labor Statistics, California is currently on top of jobless rate in America, and it follows by Michigan, Oregon and South Carolina.
“…About half the job decline is related to reduced consumer spending in areas such as leisure, hospitality, retail, transportation and housing…”
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