Saturday, November 18, 2006

California Unemployment at 30 year Low

Excerpts from Sac Bee Article

"..........State officials announced Friday that California's unemployment rate fell to 4.5 percent in October, the lowest since the state began modern record-keeping in 1976. The rate dropped three-tenths of a percent since September, prompting Gov. Arnold Schwarzenegger to herald the "fantastic news.".......

........Meanwhile, Sacramento-area unemployment fell three-tenths of a point, to 3.9 percent. That's the first time it's been below 4 percent since the tech boom......

........."The restaurant industry's been hot," Lyons said, noting the wave of new places that have opened in midtown and downtown Sacramento, as well as Roseville, in the past year. The leisure and hospitality sector has added 4,600 jobs in the past year, or more than a quarter of all the new jobs in the region.
The region's manufacturing industry has stabilized. Affymetrix Inc., the West Sacramento biotech manufacturer, is expanding, while NEC Electronics' Roseville chip plant has been gradually rebounding from a severe slump, Lyons said. Siemens Transportation Systems Inc.'s light-rail plant in Sacramento is doing well, he said.......

Overall, payroll jobs have increased by 1.1 percent since last October. Roth said the job market remains healthy despite the construction slowdown.

"If you're looking for a job, I think your chances are pretty good," he said. "Labor markets are tight and employers are looking for people."

By Dale Kasler Sac Bee

  • Link to Sac Bee Article

    Anonymous said...

    Lot of good things going on out there , in spite of the Perma-Bear , Perma-Dimwit's prognostications ::

    University of Michigan report sentiment reading for November probably increased to 93.2 from an initial estimate of 92.3. In October, the gauge reached 15-month high of 93.6.

    S&P 500 profit growth for the third quarter came in around 20% versus a long-term historical average of 7%, according to Thomson Financial. This marks the 17th straight quarter of double-digit profit growth, the best streak since recording keeping began in 1936

    Historically, if the S&P 500 is up at least 10% going into the final two months of the year, (The S&P 500 is now up 14.1% year to date ) which it was, it continues to climb the last two months 84% of the time

    Dr. Brightside said...


    I concur, we're witnessing some of the longest waves of quarter to quarter growth yet you can hear a pin drop when it comes to discussion of anything good about our economy. I remember in the latter part of the 1990's almost every week hearing almost all of the netwrok anchors tout "the longest consecutive economic expansion in recent history" They used to love to talk about economic expansion, but now all you here is wages are "not keeping up" or something of the sort. This depsite California wages grew at a real rate of 7% this year.

    I think the loudest, negative minority of our population is speaking for a silent majority that doesn't agree. It's our job to break the silence.