Unemployment Rates Rise in 26 U.S. States; California's Hits Record 11.9%

[Freeper]

marmar  Donating Member  (1000+ posts)  Journal  Click to send private message to this author  Click to view this author's profile  Click to add this author to your buddy list  Click to add this author to your Ignore list  Donate to DU!      Fri Aug-21-09 11:06 AM
Original message
Unemployment Rates Rise in 26 U.S. States; California's Hits Record 11.9%    Updated at 11:06 AM
   
Jobless Rates Rise in 26 U.S. States; California’s Hits 11.9%
By Timothy R. Homan and Alison Sider


Aug. 21 (Bloomberg) -- Unemployment rates rose in 26 U.S. states in July, a sign the labor market will take time to mend and budget crises in capitals across the nation may deepen.

California, Nevada, Rhode Island and Georgia all reached their highest level of joblessness since records began in 1976, with California’s rising to 11.9 percent from 11.6 percent the previous month, the Labor Department reported today in Washington. The number of states with at least 10 percent unemployment held at 16.

The figures are a blow to states already hammered by falling income and sales-tax receipts and underscore economists’ projections that the national unemployment rate will reach 10 percent by early next year. Companies will probably trim payrolls at a slower pace in coming months as factories and the housing market show signs of stabilization.

“The labor market remained very soft, albeit not nearly as weak as it was during the first half of the year,” Steven Wood, president of Insight Economics LLC in Danville, California, said before the report. “The labor market is still deteriorating but the pace of deterioration has become much less severe.”


http://www.bloomberg.com/apps/news?pid=20601087&sid=aJ_...

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x6361641

Damn this Boosh Obama economy.
If * was in office the primitives would be marching the streets with pitchforks by now.

Clear Blue Sky  Donating Member  (1000+ posts) Click to send private message to this author  Click to view this author's profile  Click to add this author to your buddy list  Click to add this author to your Ignore list      Fri Aug-21-09 11:08 AM
Response to Original message
1. Probably higher.
   
This doesn't count those who's benefits have run out or who have given up looking.

Hope n change 

Taitertots  (997 posts) Click to send private message to this author  Click to view this author's profile  Click to add this author to your buddy list  Click to add this author to your Ignore list      Fri Aug-21-09 12:02 PM
Response to Original message
5. I've heard Detroit is well over 20%
   
Can we call it a depression yet?

Nope because a Dem is in the whitehouse. It's just a minor setback because the rethugs are blocking obama care. 

[NHSparky]

California’s rising to 11.9 percent from 11.6 percent the previous month

And the ex who couldn't bear the thought of leaving CA, is considering quitting her job.  Reality?  Not a consideration.  Sheesh.

[Texacon]

Taitertots  (997 posts) Click to send private message to this author  Click to view this author's profile  Click to add this author to your buddy list  Click to add this author to your Ignore list      Fri Aug-21-09 12:02 PM
Response to Original message
5. I've heard Detroit is well over 20%
   
Can we call it a depression yet?

I hope this is the depression.  I'm selling a lot of property right now.  If this is the depression then I'm in for a good recovery!  Oh, wait .... that's right .... I live in that state you call a hell hole .... TEXAS! 

KC

[GOBUCKS]

California and the city of Detroit have long been known as bastions of conservatism.
No wonder they're going to hell.
If only they had shown respect for the planet, and labor unions.

[BEG]

I hope this is the depression.  I'm selling a lot of property right now.  If this is the depression then I'm in for a good recovery!  Oh, wait .... that's right .... I live in that state you call a hell hole .... TEXAS! 

KC

While we sold our house (twice) within a month, we lost money on our house. At least we were able to sell our house in Texas but we ended up taking $50k less than what we listed it for (I thought we should list our house  $20k less than our realtor but she insisted on her price). We sold it TWICE for $20k more than what it appraised for. We let the first sale go because we thought the appraisal was a fluke. Then we sold it again for the same exact amount two weeks later only for it to appraise again for the same exact amount as the first appraisal so we gave it to them for the appraised price. It made me want to throw up, it seriouly pissed me off because even if we sold it for the original sales price that our realtor listed it for we would have lost money if you considered all the improvements we did to our house.  We bought that house in 2001 (we actually bought it in 2000 but didn't move in until 2001) not during the overpriced years yet we still lost money.

We did learn a lesson on what improvements actually do count. Apparently a new fence, a cedar arbor, redoing the deck in cedar and redoing the pond have no value. Also the pool was a huge waste of money unless you count the fun your kids have using it. We don't feel too bad about the $40k down the drain for 7 years of fun the kids had with the pool so I took the pool out of the equation when figuring how much we lost ok the house. I do feel the kitchen upgrades did give us a little more money than we would have gotten had we not done the improvements. The most valuable lesson I learned was don't over improve for the neighborhood unless you plan on living there the rest of your life.   

[Texacon]

While we sold our house (twice) within a month, we lost money on our house. At least we were able to sell our house in Texas but we ended up taking $50k less than what we listed it for (I thought we should list our house  $20k less than our realtor but she insisted on her price). We sold it TWICE for $20k more than what it appraised for. We let the first sale go because we thought the appraisal was a fluke. Then we sold it again for the same exact amount two weeks later only for it to appraise again for the same exact amount as the first appraisal so we gave it to them for the appraised price. It made me want to throw up, it seriouly pissed me off because even if we sold it for the original sales price that our realtor listed it for we would have lost money if you considered all the improvements we did to our house.  We bought that house in 2001 (we actually bought it in 2000 but didn't move in until 2001) not during the overpriced years yet we still lost money.

We did learn a lesson on what improvements actually do count. Apparently a new fence, a cedar arbor, redoing the deck in cedar and redoing the pond have no value. Also the pool was a huge waste of money unless you count the fun your kids have using it. We don't feel too bad about the $40k down the drain for 7 years of fun the kids had with the pool so I took the pool out of the equation when figuring how much we lost ok the house. I do feel the kitchen upgrades did give us a little more money than we would have gotten had we not done the improvements. The most valuable lesson I learned was don't over improve for the neighborhood unless you plan on living there the rest of your life.   

BEG you are absolutely correct.  Kitchens and baths will get your best returns.  Most of that other stuff will simply give you a quicker sale because it makes the home look good.

You hit that nail on the head about over improving for an area though.  I have seen it done time and again and then when I come to give a list price and don't give the owners credit for 'how much they put in' it makes for a difficult situation.  You are only going to get so much out of some areas/things.

Hurry back to Texas dear.

KC

[ReaganForRushmore]

Why did BEG leave Texas?.......We are a poorer state without her!

[BEG]

Why did BEG leave Texas?.......We are a poorer state without her!

We left the end of July and are currently staying in a Corporate housing (read hotel with a kitchen) until we close on our new house. It gets worse though, besides the fact that I had to leave Texas...I had to move to California.   

[The Village Idiot]

We left the end of July and are currently staying in a Corporate housing (read hotel with a kitchen) until we close on our new house. It gets worse though, besides the fact that I had to leave Texas...I had to move to California.   

But you left 50K behind in a way, so maybe Texas is a little richer without you?

Just KIDDING!!! don't hurt me

[Traveshamockery]

I live in Texas, too.  And coincidentally the real estate tax appraisal on our house went  up - way up!  My husband fought it and got them to give a little but there is no way we could sell our house for what they have it appraised for.

That being said, we will stay here as long as possible even though I'd love to move back to Indiana.  My husband loves it here and he loves his job.  And maybe the whole secession possibility.   

[BlueStateSaint]

While we sold our house (twice) within a month, we lost money on our house. At least we were able to sell our house in Texas but we ended up taking $50k less than what we listed it for (I thought we should list our house  $20k less than our realtor but she insisted on her price). We sold it TWICE for $20k more than what it appraised for. We let the first sale go because we thought the appraisal was a fluke. Then we sold it again for the same exact amount two weeks later only for it to appraise again for the same exact amount as the first appraisal so we gave it to them for the appraised price. It made me want to throw up, it seriouly pissed me off because even if we sold it for the original sales price that our realtor listed it for we would have lost money if you considered all the improvements we did to our house.  We bought that house in 2001 (we actually bought it in 2000 but didn't move in until 2001) not during the overpriced years yet we still lost money.

We did learn a lesson on what improvements actually do count. Apparently a new fence, a cedar arbor, redoing the deck in cedar and redoing the pond have no value. Also the pool was a huge waste of money unless you count the fun your kids have using it. We don't feel too bad about the $40k down the drain for 7 years of fun the kids had with the pool so I took the pool out of the equation when figuring how much we lost ok the house. I do feel the kitchen upgrades did give us a little more money than we would have gotten had we not done the improvements. The most valuable lesson I learned was don't over improve for the neighborhood unless you plan on living there the rest of your life.   

Interesting, BEG, because I was doing my online Continuing Education for Real Estate Appraisal this past week.  One of the things that was covered was overimproving, and how it can skew values.  I'd hazard a guess and say that your neighbors didn't have the same (outdoor) improvements that you and your husband did.

[franksolich]

Well, North Dakota, South Dakota, and Nebraska once again led the pack, in the lowest unemployment rates of the 50 states, in that order (South Dakota and Nebraska are tied for second, at 4.9%; I have no idea what North Dakota's lower rate is).

All three of them red states.

One wonders what that has to do with it.

But man, even a "low" 4.9% makes one yearn for the pre-November 2006 levels, which were usually two-point.something around here.

I wish November 2006 had never happened.

[Lacarnut]

We left the end of July and are currently staying in a Corporate housing (read hotel with a kitchen) until we close on our new house. It gets worse though, besides the fact that I had to leave Texas...I had to move to California.  

Eventually the economy and employment will pick up, and then there is a chance of relocation back to TX.