Monday, April 20, 2009

Just Don't Call It a Depression

By Robert Gammon
Mon, Apr 20, 2009 at 9:57 AM

It really is the worst economic downturn since the Great Depression. Last month, California's jobless rate jumped to 11.2 percent, the highest since 1941, according to the Chron. Sure, Wall Street has been enjoying a rally as of late, and Bank of America reported an unexpected profit in the first quarter, but the AP reports that the giant bank is still in danger of loan defaults. The Contra Costa Times, meanwhile, says that the East Bay shed 2,900 payroll jobs in March. And that's on top of a loss of 7,100 jobs in February. According to the Chron, the unemployment rate in both Alameda and Contra Costa counties stands at 10.2 percent. Statewide, more than two million people are out of work. And that's just the folks who are collecting unemployment or are actively seeking jobs. It doesn't count the underemployed or people who have given up all hope.

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