California unemployment rate jumps to 8.2 percent, third highest in U.S.

The LA Times reports that California’s unemployment rate soared to a 14-year high in October, hitting 8.2%. The most populous state “shed 26,400 people from its payroll last month, raising the total number of lost jobs to 101,300 since October 2007.” Analysts predict “the situation is about to get worse.” The state’s rate ranks third in the U.S., exceeded only by those of Michigan and Rhode Island, at 9.3% each.