Date: 11-22-2007
California, with a slow job market and an October unemployment rate of 5.6%, may be heading into a recession. At least that's what private economist Chris Thornberg believes.
"I think we're heading headlong into it," said Thornberg.
On top of all that, "15,800 payroll jobs disappeared, [and] [j]ob losses were recorded in practically every major economic sector," said the Employment Development Department. And these numbers don't even include job losses caused by the wildfires or the effects of the writers' strike. Those results won't show up until November.
