California's farm economy "ruined"

June unemployment rates for the nation came out today (July 2), showing there are only two metropolitan areas out of 387 with unemployment rates of more than 20 percent. Both are agricultural areas within San Diego's orbit: Yuma, Arizona, at 23.1 percent; and El Centro, 21.3.

Other California agricultural metro areas have an unemployment rate of 10 percent or above: Bakersfield, 10; Yuba City, 10.1; Visalia-Porterville, 11; Merced, 11.1; and Hanford-Corcoran, 10.3.

"Nothing will change the high jobless rate of California's interior valley; the farm economy will stay ruined because of lack of rain," says Douglas A. McIntyre of 24/7wallst.com.