by Calculated Risk on 9/19/2008 01:20:00 PM

From the California Employment Development Department: California’s Unemployment Rate Increases To 7.7 Percent (hat tip Harry)

California’s unemployment rate was 7.7 percent in August, up from a revised 7.4 percent in July, the state Employment Development Department (EDD) reported today. A year ago, in August 2007, California’s unemployment rate was 5.5 percent.

According to EDD’s monthly survey of employers, nonfarm payroll employment in California decreased by 7,700 jobs over the month, for a total of 15,109,000.
...
The number of people unemployed in California was 1,417,000 – up by 61,000 over the month, and up by 413,000 compared with August of last year.

The recession in California is getting worse, and rising unemployment will negatively impact the economy and the housing market, leading to lower house prices and more foreclosures - and probably more layoffs. A vicious cycle ...