The state's Department of Finance said last week that a fourth-quarter economic recovery in California that had been widely anticipated by economists "is clearly not yet under way."
In its November finance bulletin released last Wednesday, the finance department said unemployment increased to 9.8% of the state's work force in October from 9.4% the previous month.
October's rate was three percentage points above the national figure and nearly two points higher than any of the other 10 major industrial states," the bulletin says.
California has lost 163,000 jobs in the last year, 40,000 of which are in defense-related aerospace, the bulletin says. Since 1988, aerospace employment has lost nearly 160,000 jobs, a 42% decline.
The finance department's monthly cash report, meantime, showed that in the current fiscal year, the state has collected $11.56 billion in revenues through October, which is $203 million, or 1.8%, more than forecast. The state budget act last May forecast that the state would collect $11.357 billion in revenues during the period.
The department said in October that the state collected $2.121 billion in revenues, which is $11 million, or 0.5%, below forecast. In its forecast last May, the department said it expected the state to receive $2.132 billion in revenues in October.
