November 20, 2009
The EDD released unemployment figures today, and the rate was up to 12.5% in October, a 20 basis point increase from September’s 12.3%. Last year, it was 8% in October signalling a 50% year-over-year increase! In raw numbers, year-over-year, we’ve shed nearly a million jobs in California alone total, nearly 700K if you look at non-farm payrolls.
In related data, the EDD reported that there were 740,272 people receiving regular unemployment insurance benefits during the October survey week. This compares with 744,924 last month and 527,918 last year. At the same time, new claims for unemployment insurance were 83,475 in October 2009, compared with 69,160 in September and 67,491 in October of last year.
In Santa Clara County, the unemployment rate stands at 11.9%, a 10 basis point increase over the previous month. There was some positive signs last month as the unemployment rate actually dipped from the 12% registered in September, but it seems it was very short lived. We’re within 10 basis points of the 20-year high.
In San Mateo County, it stands at 9.1% and in San Francisco County, 9.9%.
- Unemployment Rate Update
- September 2008 Unemployment Numbers
- California Unemployment Up to 11.2%; Silicon Valley At 11% (!)
- California Unemployment Up To 12.2%
- California Unemployment Rate Hovers at 12.4%