The Morning Report
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The local unemployment rate hit 10.1 percent last month, according to the latest estimates from California’s Employment Development Department. The below graph shows that June’s unemployment rate was notably worse than anything seen in the prior two recessions — not that anyone was suggesting otherwise.
Between June 2008 and June 2009, the local economy lost 54,700 jobs — a decline of 4.2 percent. This is the steepest year-over-year job loss yet:
The job losses really picked up the pace after June 2008, meaning that year-over-year comparisons in the coming months will be made against lower and lower 2008 numbers. As such, I suspect that the year-over-year figures may start to look less dismal soon.