Jump in L.A. jobless

The county posted an unemployment rate of 12.7 percent in September, up from 12.2 percent the previous month and 8.3 percent in September 2008. The number is not especially surprising, except perhaps for the sizeable one-month gain. Statewide, the jobless rate dropped a touch to 12.2 percent from 12.3 percent in August. Nationwide, it was 9.8 percent. Most economists don't expect unemployment to peak for at least another several months, so 13 percent in L.A. County is looking like a good possibility. The payroll survey had the county actually adding 19,300 jobs, with most of the gain coming from education and health care. How can the county being adding jobs and yet posting such a big jump in unemployment? Because the unemployment rate and the payroll numbers are separate surveys, with very distinct methodologies. As a rule, the unemployment rate is a better overall indicator of the economy. Here's the EDD 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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