California unemployment hits 6.8%
Los Angeles Times
California’s May unemployment rate was the fifth-highest in the nation, behind Michigan, Rhode Island, Alaska and Mississippi, according to the U.S. Bureau of Labor Statistics. “We see a long period of continued sluggishness driven by the late innings of the housing slowdown, followed by Sacramento-driven government reductions”, said Ryan Ratcliff, an economist at the UCLA Anderson School of Business.
The employment scene is not all bad. Some industries gained in May, adding a net 9,000 jobs, including education and health services, natural resources and mining, and information technology. The leisure-and-hospitality business created 1,300 new jobs in May and San Francisco gained 2,300 jobs at restaurants, hotels and entertainment centers.
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