California is on the edge of recession, economists say. Or perhaps the nation’s most populous state is already in one.
“California seems to be sliding into recession,” wrote Jan Hatzius, chief economist for Goldman Sachs, in a research note earlier this week. Hatzius based his appraisal on the sharp increase in the unemployment rate in the state from 4.7% in November 2006 to 5.6% in September 2007.
While a 5.6% jobless rate may seem low, the important thing is how much it’s risen. Hatzius said any increase of more than 0.6 percentage points in California’s unemployment rate has always been associated with a national recession.
While a national recession is determined by looking at broad indicators such as employment, income, spending and industrial output, there’s no officially accepted definition of a statewide recession.
The hard data that would show a prolonged and pronounced decline in total economic activity aren’t available on a state-by-state basis except with a very long lag. The jobless rate is one of the few reliable statewide economic indicators that’s available quickly.
Marketwatch: Could California be in recession?
Posted in * Economics, Politics, Economy
CAliforNIA IS IN THE MIDST OF A MORAL RECESSION…..
The Episcopal Diocese of California is investigating an allegation of sexual misconduct involving Rev. James Tramel, who became an icon of redemption after he was ordained in prison while serving a sentence for second- degree murder.
An adult member of Trinity Episcopal Church in San Francisco, Tramel’s parish, filed the complaint with the diocese Tuesday, and Tramel, 39, was suspended that day from all pastoral, administrative and sacramental duties, according to diocesan spokesman Sean McConnell.
Parishioners at the church were told of the suspension during Sunday morning services, McConnell said.
#1 Matthew, sounds like the reverend blew the best chance he ever had. Lay him on the altar of prayer to Jesus.