California?s unemployment rate hit 8.2% in October, the highest number seen in 14 years. 101,300 jobs have been lost in the past year, 26,400 in just the last month. And the situation is only predicted to get worse, with estimates of unemployment hitting 9.9% by 2010, a loss of 360,000 more jobs. California has moved into third place for the nation?s highest unemployment rate, behind only Rhode Island and Michigan, whose automotive industry has suffered tremendously. Economists say that government aid will be necessary to bring California out of its current recession. They recognize George Bush?s $6 billion extension of employment benefits as a good first step, but expect things to really turn around (by way of a $300-500 billion stimulus package) once President-elect Barack Obama takes office.
See "California unemployment jumps to 8.2%, third-highest in the U.S.", Marc Lifsher, Tiffany Hsu, The New York Times, November 23, 2008