California unemployment surges as payrolls shrink for first time since 2010 [Los Angeles Times (CA)]
Lyft, Inc. - Class A (LYFT)
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Source: Los Angeles Times
California’s unemployment rate shot up in March as a statewide coronavirus shutdown took effect and overall payrolls shrank for the first time in a decade, state officials reported Friday. The March report showed a jobless rate of 5.3%, up from 3.9% in February, the largest jump in more than four decades of state data collection. But the rate is based on a survey that ended March 12, so it doesn’t reflect the positions axed by thousands of employers in the second half of the month. Through the first half of the month, the state lost 99,500 jobs. That ends a record 120-month streak of gains since the Great Recession. Both the U.S. jobless rate, which was 4.4% in March , and California’s rate have skyrocketed in recent weeks, according to economists who predict the state’s unemployment rate this year could climb to more than 16% and perhaps as high as 20%. “California employment is in free fall and no bottom is yet in sight,” said Sung Won Sohn, a Loyola Marymount University economist.
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