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California Unemployment Down A Smidge

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(Sacramento, CA)
Friday, June 18, 2010
Unemployment dropped to 12.4 percent in May – that’s down from an adjusted 12-point-five percent in April. It’s a small change, but we should get used to it, says Esmael Adibi, an economist at Chapman University. He says we’re likely to see unemployment go down in fits and starts for quite some time:

Job creation is extremely anemic. The pace that typically we get when we come out of a recession is not there, and in fact we, in California, is underperforming the nation.”

Last month there were 28-thousand new jobs created in California – but Adibi points out many of those were census-related and therefore temporary.  He says the state is lagging behind the rest of the country because our construction and mortgage sectors were hit so hard.   Adibi says the state’s budget crisis may also hamper California’s recovery
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