California's January unemployment rate falls to 12.4%

[steve2470]

http://www.latimes.com/business/la-fi-california-jobs-20110305,0,3591843.story

By Alana Semuels, Los Angeles Times
March 5, 2011

California's fragile economy is beginning to recover, but its unemployment figures continue to lag the nation's, partly because of continued weakness in state and local governments, according to new numbers released Friday by the state Employment Development Department.

Employers added just 12,500 jobs to payrolls in January, pushing the unemployment rate down to 12.4%, from 12.5% in December.

The nation's labor market was also weak in January, when employers added just 63,000 jobs. But it began to pick up in February, according to a new report out Friday, which showed that U.S. employers added 192,000 jobs in that month. The U.S. unemployment rate fell to 8.9% in February, down from 9% in January.

The state's February report won't come out until later this month.

[DJ13]

1. Employers added just 12,500 jobs.... pushing the unemployment rate down to 12.4%

See, if they stop hiring altogether the rate would fall even faster.

[WolfoftheWild]

2. what a day for good news!