California Unemployment Hits 10.1%

Reaching levels not seen in 25 years, the California unemployment rate hit 10.1% in January.

Caifornia’s [sic] unemployment rate hit 10.1 percent in January, the highest level in 26 years, as more than 1.8 milllion state residents looked for work last month without success.

A state Employment Development Department report issued Friday said California employers eliminated 79,300 payroll jobs in January. Since January 2008, the state has lost 494,000 payroll jobs as California’s losses in this economic downturn continue to exceed the nation’s.

The U.S. unemployment rate in January was 7.6 percent.

The EDD said the California’s unemployment rate during the modern era peaked at 11 percent at the end of 1982 during another severe recession.

Late word from the Governator:

Gov. Arnold Schwarzenegger issued a statement calling the Friday’s report "a sobering reminder that there is nothing more important than getting California’s economy back on track."

Heckuva job, Arnold.

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