Some good news on the economic front...San Diego and California Jobless rate declines

[Ozymanithrax]

In a state and city gob-smacked by Bush's recession, this is good news.

S.D. County jobless rate declines
The unemployment rate in California and San Diego County dropped last month, signaling that the two-year recession in the state, while not quite over, may be coming to an end.

In California, the jobless rate edged down from a revised 12.5 percent in October to 12.3 percent in November, according to data released yesterday by the California Employment Development Department. Other than a 0.1 percentage point decline in June, it was the first time the unemployment rate has declined since late 2006.

Locally, the rate fell from a revised 10.7 percent in October – the highest point since the Great Depression – to 10.3 percent in November, its lowest point since June. The national unemployment rate also declined last month, falling from 10.2 percent in October to 10 percent in November.

Is it over. My crystal ball isn't clear on that. All it is showing are adverts for Avatar. But it looks good.

[RoyGBiv]

1. Rates declined everywhere except Florida ...

But, no, it's not over.

[HowHasItComeToThis]

14. THE MAGIC WILL BE THE CREATION OF NEW KINDS OF JOBS

BECAUSE SOME WILL NEVER COME BACK.

[Nikki Stone1]

2. I didn't know San Diego was declining.

It seems the same size to me.

:hide:

[varelse]

3. Further down in the same article:

Economists caution that it’s wrong to read too much into the decline, since it could be a blip and might need to be adjusted. In addition, they say, one reason for the decline may be that unemployed workers are discouraged to the point that they have stopped looking for jobs.

[Zynx]

4. I will add the caution that some of the old unemployment rates may have been overestimated.

That is the reason some states have seen some declines in their rates recently.

[varelse]

5. The actual unemployment rate and the official one are not the same, either

CA's unemployment rate is much higher than 12% if you include the people who aren't collecting unemployment any more (aka "have stopped looking" for work).

[Zynx]

8. The 12% isn't just people collecting unemployment. If you only count them our unemployment rate

is just around 5% nationally. It is higher in California, but not THAT much higher.

http://www.dol.gov/opa/media/press/eta/ui/current.htm

It's only 4.1% under normal benefits. It's a bit more than that when you include extended benefits. The broader definition (U6) includes discouraged workers as well as those who are working part-time for economic reasons.

[bigwillq]

6. That's good news.

Let's hope it declines even further.

[bluestateguy]

7. Even Michigan's rate dropped by .4%

by a long ways to go indeed.

[libertypirate]

9. Bunk! Read carefully the current unemployment rate measures the

people drawing unemployment benefits. When unemployment benefits run out a person is not counted in the unemployment rate.

What a fucking scam!

[TwixVoy]

10. Also if someone takes a part time retail SEASONAL job

that pays minimum wage part time with no benefits in desperation of not being able to find a job with a living wage they are no longer counted as unemployed. On top of that once they are let go in January they don't count at all because they were not laid off as it was a temp job.

[Zynx]

11. That is not true.

If they are still looking they are counted. If only count those on normal benefits it is just 4.1%. Extended benefits bump that up to about 5%.

[RoyGBiv]

15. This is completely wrong ...

People say this every damn day here, and it's wrong. Flat wrong.

[HughMoran]

12. The rate in Massachusetts fell to 8.8%

Deval Patrick was pleased with this news.

[FreeState]

13. I just got home from the most popular Mall in San Diego

No traffic, parking was easy, no lines, there was a spot right in front. No lines in a single store. Christmas is in 5 days.