Friday, May 22, 2009

California Unemployment Rate Drops

From The Los Angeles Times:

The U.S. Labor Department says California lost 63,700 jobs in April. But the unemployment rate drops to 11% from March's 11.2%, and one economist sees joblessness leveling off.

This shouldn't be much of a surprise particularly with Obama's stimulus funds making its way through state economies. The question is how much will it level off and will the stimulus funds create the amount of jobs that the Administration forecasted?

4 comments:

Harrison said...

I'm not so sure it's the work of the stimulus... unemployment figures don't include people who stopped looking for work. Many people say the percentage under-represents those who are truly unemployed.

Jeff Perren said...

You lost me. Govt 'stimulus' programs destroy more jobs than they create, by removing funds from the private sector that could be used to create them. Did you suddenly lose your copy of von Mises? :)

VH said...

Jeff: Yea, I don't believe that the stimulus funds will amount to anything but more debt and less private sector jobs. I'll admit that I was attempting to see if any liberals wanted to defend Obamanomics. No takers.

Jeff Perren said...

VH,

Ah. They're probably too busy expressing their schadeundfreude and hatred for all things 'conservative' on Townhall and RCP. They seem to have invaded those and miss no opportunity to yell "Bush! Bush! Squawk" (He's the gift that keeps on giving.) For a group that allegedly feels they've now gained power permanently (note the continual calls of 'conservative/libertarian' irrelevance) they sure spend a lot of energy trying to enervate their opponents.