California was just in the news for a really bad reason: the state is facing a historically low level of employment:
Research by the California Budget Project, which describes itself as a nonprofit, nonpartisan public policy research organization, finds that California and the nation are on the edge between a recession and a recovery, and that -- while economists believe that the Great Recession technically ended in June 2009 -- the past couple of years have been a recovery in name only.
The CBP report says that:
- A record low share of working-age Californians have jobs;
- Nearly a record high share of the state's unemployed have been looking for work for more than half a year; and,
- The typical California worker's hourly wage has lower purchasing power than at any point in the past 10 years.
The state has gained back just a fraction of the jobs it lost since the recession began, which means that millions of Californians continue to struggle in the wake of the most severe recession in decades, the report says.
For fans of really bleak economic outlooks, the California Budget Project's full report is available here in PDF format.
By contrast, Texas has perhaps the second-best overall jobs picture in the entire nation - so much so that the weaker national U.S. economy is viewed as a drag on Texas' job market:
The Texas job market remains stronger than the national job market, but job growth in the state is slowing in large part because the nation's economy is so listless.
Several Texas economists said Friday that a weak national jobs report Friday from the U.S. Department of Labor is yet another indicator that job growth is slowing in the state in the second half of the year.
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