California Unemployment Rate Up Again

More bad news, particularly on the California front. The unemployment rate has gone up again this past month to a whopping 7.7% compared with the national rate of 6.1% for August 2008.

From the Sacramento Bee:

California’s unemployment rate shot up another three-tenths of a point last month, reaching 7.7 percent, state officials said today.

It was the highest statewide unemployment rate since March 1996, according to the Employment Development Department…The monthly report showed the effect of the weakening economy at a time when Americans have been jolted by the crisis in the financial world and the wild fluctuations in the stock market. The private sector across California continued to sag, and state government was affected by Gov. Arnold Schwarzenegger’s firing last month of some 10,000 temporary and part-time employees in an attempt to resolve the budget impasse.

Overall, the numbers spoke to the difficult economy gripping California.

You said it. Hopefully better days ahead.