California August U-3 unemployment records show 2,175 (000) individuals unemployed (12.1%). Meanwhile, and based on a California civilian labor force of 18,005(000), the “actual Table-15 “U-6″ – alternate measures for labor underutilization – measured 21.8% percent, meaning, 4 million Californians are unemployed. (Excluded are persons no longer looking for work. Include them, and California may have 5 million unemployed.) The situation is worse when looking at the non-farm employment total of 14,075(000), which indicates one unemployed person for every 3 having a job.
Now comes word, Bank of America plans to ax 30,000 jobs. In California, Bank of America employs 45,000, and the largest job reduction cuts will likely occur in this state.
Real estate, rental & leasing, comprises 17% of California’s (2008 GDP). California’s economy lost its superiority in the aerospace sector to states with no income tax and/or generous tax credits. A 2008 collapse of the housing industry continues to have repercussions today and for years to come. Construction spending is down to pitiful levels, so is existing home sales and new homes sales in light of hundreds of thousand foreclosed homes. According to Realty Trac, lenders filed 3.8 million foreclosures in 2010 from coast to coast. Were it not for the foreclosure moratoria banks announced last October, the amount of foreclosures would be much higher.
The latest U.S. Census Bureau tabulation has 43.6 million Americans (14.3%) living in absolute poverty, with a defined poverty level ( 2011) set at $22,350. The 2010 Census showed California’s population at 37,253,956 and 16.3% (over 6 million) live below the poverty line.
California ( the largest US population state) needs a break !