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The San Diego County unemployment rate was 8.8% in May, unchanged from a revised 8.8% in April, according to the California Employment Development Department. The county gained 6,400 jobs in the month. The biggest gain was in construction: 6,400. Government jobs dipped 100. Jobs were up 13,400 from May of a year ago.

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Comments

SurfPuppy619 June 16, 2012 @ 8:14 a.m.

The CA U-6 UE rate has dropped from 23% down to 21%. Hardly something to cheer about, and remember, it was at 23% for about 30 months.

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Don Bauder June 16, 2012 @ 9:40 a.m.

None of the unemployment rates -- local, state, and national -- is encouraging...to Main Street, anyway. What is REALLY discouraging is that Wall Street wants unemployment to remain high. As long as Main Street is ailing, the Federal Reserve will continue to lower the already-startlingly low interest rates. This pushes up stock and bond prices. If the economy recovered and banks made loans, two things would happen: 1. The Fed would have no justification for lowering rates, thus hurting the stock and bond markets; and 2. Inflation would rise sharply. The Fed can print money, as it and other central banks are doing now, frenetically, but until the banks start lending it out it doesn't cause inflation -- particularly as long as there are is no wage pressure. Sorry to say, both the Fed and Wall Street want to keep wages declining so stocks and bonds will rise or at least stay steady. Best, Don Bauder

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