L.A. jobless: 12.3%

The August unemployment rate for Los Angeles County compares with 11.9 percent for the previous month and 8 percent in August 2008. The state's jobless rate was 12.2 percent; the U.S. rate was 9.7 percent. This makes the county (and California) one of the nation's bleaker areas for employment - not nearly as bad as poor Michigan but still pretty bad. And as you've probably been reading, double-digit unemployment is likely to continue for most, if not all, of 2010 - and that's assuming we're not hit by some unexpected body blow (banks, housing, deficits, etc.). The state's separate payroll survey showed a job loss of 10,000 in the county between July and August. Government got hit the hardest, followed by manufacturing and then trade and transportation. The volatile entertainment industry saw a 7,300-job gain from the previous month, but it's still down from a year earlier. Here's the take from Anderson Forecast economist Jerry Nickelsburg (before this morning's report):

The stalled California economy is simply not producing enough jobs required for the new entrants to the labor force over the next couple of years to prevent these elevated levels of unemployment to persist once the job layoffs ease.

Here's the EDD press release.

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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
Mark Lacter, business writer and editor was 59
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