Sacramento Region Unemployment Significantly Higher
High gas prices plus a lousy housing market are not looking good for job growth around Sacramento. And California’s Employment Development Department has the numbers to prove it.
Monday, November 19, 2007
The state’s David Lyons has seen the numbers for the four-county Sacramento region, and …
“I wish I had better news right now going into the holiday season.”
But he doesn’t. Construction jobs are way down; the financial industry, too. And overall, a one percent increase in unemployment over the last 12 months. Lyons expects retailers to hire fewer people than normal for holiday shopping this year. And he says it might be a while before things turn around.
“The state is struggling with the same kind of housing losses and jobs being cut, so it’s going to be spring before we see any significant job gains, most likely.”
It’s not just consumers that will be hurt, either. Local governments expect their revenues to drop, as well – leading to some difficult budget decisions in the near future.