Monday, July 21, 2008

Don't call It a Recession: Unemployment Up, Pension Plan Down

By Chris Thompson
Mon, Jul 21, 2008 at 8:16 AM

Grim news from the East Bay Business Times. California's unemployment rate has risen to almost seven percent, the paper reports, marking a return to the kind of economic distress we haven't seen since before the days of dot coms and online shopping. In Alameda County, the jobless rate has risen to 6.2 percent, while CoCo's rate hovers around 6.3 percent. Meanwhile CalPERS, the state employees' pension fund, which is one of the largest institutional investors in the country, lost 2.4 percent of its value for the fiscal year. But hey, we still haven't recorded two consecutive quarters of negative growth! So we're still doing just fine, right? Who's up for a rent party?

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