California’s Unemployment Rate Rises to 7.3% in July

California’s unemployment rate climbed to a 12-year high in July as the state continued to bleed jobs in the real estate, financials, retail and construction industries. Almost 15,000 jobs were lost in July because of ongoing slowdowns in these industry’s which are now affecting many other industries.

The rate jumped to 7.3% in July from 7% in June. It was even worse in many parts of the state like the Inland Empire, where the unemployment rate is approaching 9%, the state reported in mid-August.

Gov. Schwarzenegger, who was planning to attend a U.S.-Mexico border governors’ meeting in Los Angeles, tried to put California’s worsening economic predicament in the best light, by saying, “Construction and financial services continue to struggle in California, but I am encouraged about recent increases in housing purchases and that other job sectors – while they do not have the robust growth we want or expect in California – are holding steady.” Schwarzenegger promised to include an “economic stimulus package” in the state’s overdue budget. He said he’d like to speed up the funding of public works to generate more construction jobs. The Governor could not make this event because he hurt his knee working-out and had to have surgery. He seems to be breaking down more then the economy.

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