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California Lost Jobs In May: Recovery Setback?

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(Sacramento, CA)
Friday, June 17, 2011

California lost more than 29-thousand jobs last month.  For Howard Roth - an economist with the state's Department of Finance - the figures were a surprise.  And not the good kind:

Roth: "Even before this, it was going to be a long time before you got all those people back to work that lost their jobs, so in that sense, this is sort of disappointing."

Despite the job picture, the unemployment rate dropped from 11.8 percent in April to 11.7 percent in May.  But Roth says the takeaway is that the state's recovery has likely slowed at least temporarily.  Only two sectors - information and financial activities - added jobs in May. The biggest losses occurred in the professional and business services area.  The U.S. unemployment rate in May was 9-point-one percent.  
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