David Pierson of the LA Times reports that unemployment is soaring the the Inland Empire (San Bernadino, Riverside and eastern LA counties), hitting 9.5% as of October. Given that we are now well into November, it is probably above 10% now. And these are the official statistics that economists agree understate the real number of unemployed by not counting those who are working part time while looking for full time jobs, and “discouraged workers” who want to work but have given up actively looking for a job.
Meanwhile next year tax shortfalls will mean more local government layoffs. Construction employment will continue to decline as financing dries up and the last buildings that were under construction when the economy turned are completed. Retail employment will also continue to decline as consumers are either pinched or under fear they soon will be.