California's unemployment rate dropped to 12.3% from 12.5%.
Non-farm jobs were down 10,000, but October was revised up a little, so it continues to look like jobs are going sideways and trying to find a bottom statewide. New unemployment claims have not come down enough for me to think we have bottomed yet, and I suspect there is still some negative months ahead.
That may be my Northern California bias though. After a quick browse of the MSA data, it looks like Southern California is outperforming Northern California at the moment. Southern California slipped into recession before No Cal (especially the Bay Area), and it may be the first to recover.
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