Saturday, March 1, 2008

Cali Losing Its Mojo

California lost 20,300 jobs in January, more than the other 49 states combined. 2007 was a meager year for job growth in the state, when only 15,000 positions, 0.1% of the state's payroll, were added. The weak real estate market resulted in 69,300 jobs lost in construction and 35,300 jobs lost in the mortgage lending sector during 2007. The WGA strike had a significant impact on Los Angeles County in January -- 20,000 of the 75,800 jobs lost in the county were in the information category, including film industry workers. The state's unemployment rate was 5.9% in January, up from 5% in January 2007.