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CALIFORNIA NEWS
California jobless rate drops below 10 percent
Posted: Dec 21, 2012 9:19 AM by Associated Press
SACRAMENTO, Calif. (AP) - California's jobless rate has dipped below 10 percent for the first time since the recession began, signaling that California's economy may have finally turned the corner.
November's 9.8 percent unemployment rate reported Friday by the Employment Development Department is down from 10.1 percent in October.
It marks the first time in nearly four years that the rate dropped into single digits. The last time was in January 2009, when the rate was 9.7 percent.
Leading economists had predicted that the unemployment rate would remain in double digits through 2013.
Still, nearly 400,000 Californians face the loss of unemployment benefits next month if no deal is reached to address the so-called fiscal cliff. Business and government officials have warned that fallout could halt California's recovery.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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