Economist: California unemployment to stay above 10 percent through 2012

State labor market 'finally beginning a slow thaw;' U.S. economic 'doldrums' to end in 2011

[caption id="attachment_28609" align="alignleft" width="396" caption="Source: Beacon Economics"][/caption]

California's unemployment rate will remain above 12 percent through the first half of 2011 and won't dip below 10 percent before the end of 2012.

The labor markets are finally beginning a slow thaw. Total nonfarm employment will continue to grow at an annualized rate of 1.5 percent over the next year and will gain steam in 2012 as the growth rate rises to 2.7 percent.

However, it will be well into 2015 before California reaches the peak of 15.2 million jobs before the recession.

Forecast details

Read details on the California and U.S. forecasts in the January 2011 Beaconomics report (PDF).

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