Economy

Assembly Approves Minimum Wage Increase

Ben Adler — Thu, 30 May 2013 22:51:53 +0000

California’s minimum wage would go up for the first time in six years under a bill passed by the state Assembly today. Ben Adler has more from Sacramento.

Democratic Assemblyman Luis Alejo’s measure would raise the minimum wage from $8 an hour to $9.25 over the next three years – with cost-of-living adjustments each year after that.

“It’s been six long years – six long years - since we’ve raised the minimum wage here in California. It’s been locked in at $8 an hour, when we know the price of rent, of clothing, of food, has all gone up during that time,” says Alejo.

California Tied With Rhode Island For Highest Unemployment in Nation

Amy Quinton — Wed, 20 Mar 2013 01:29:40 +0000

California now has one of the highest unemployment rates in the nation. As Amy Quinton reports from Sacramento, the latest figures from the California Employment Development Department show no improvement in the state’s jobless rate for January.

California’s unemployment rate remained at 9.8 percent in January. That ties the state with Rhode Island for the highest unemployment rate in the country.

Report: California Women Faring Worse than Men During Economic Recovery

Joe Moore — Tue, 19 Mar 2013 23:59:47 +0000

A new study finds women in California aren’t faring as well as men during the economic recovery. The analysis was done by The California Budget Project and the Women’s Foundation of California.

It finds employment among the state’s women declined by a little less than one percent over the past two years – while it was increased nearly two percent among men.

Chris Hoene with the Budget Project says cuts to programs such as CalWorks, the state’s welfare to work program, and cuts to state subsidized child care have largely affected women:

For Many Seniors Working Well Beyond 65 Is New Reality

Ezra Romero — Tue, 05 Mar 2013 23:30:00 +0000

The world for the retiree is evolving. For some retirement means a chance to globe-trot or travel across the country in an RV, but for many 65 is just another milestone, a reminder of poor financial decisions earlier in life or a chance to explore a second career.

Foreclosure Process Speeds Up in California

Steve Milne — Thu, 11 Oct 2012 15:29:18 +0000

Banks are speeding up the home foreclosure process in California, according to data out today. But one analyst says the process may start to slow down again.

It took lenders an average of 335 days, or about 11 months to complete the foreclosure process on California properties in the third quarter.

Daren Blomquist with foreclosure listing service RealtyTrac says that was down three percent from the previous quarter and an eight percent drop from a year ago.

"These foreclosures, if they’re going to happen, it’s better that it’s more like a band-aid that you rip off."

Governor Jerry Brown On CNN: Country In Slow Recovery

Steve Milne — Mon, 10 Sep 2012 19:24:56 +0000

California Governor Jerry Brown was on national TV over-the-weekend weighing-in on the presidential election.

He was among the guest line-ups for the Sunday TV news shows, appearing on CNN’s “State of the Union.”

Brown said President Obama has laid a foundation for economic recovery and job creation.

And he argued against Mitt Romney’s “supply-side” economic plan of lowering taxes on corporations to help spur job growth.

AAA: Labor Day Holiday Travel Up

Steve Milne — Sat, 01 Sep 2012 19:36:32 +0000

The latest AAA forecast says a higher number of Californians will be traveling over this Labor Day holiday weekend.

According to the auto club, 3.7 million Californians will travel 50 miles or more.

“This is a modest increase of 3.4 percent over last year," said Cynthia Harris, who is with AAA Northern California. She says “modest” increases in travel numbers have been the norm over the past four years.

Overhaul of Environmental Law Dead for the Year

Ben Adler — Fri, 24 Aug 2012 01:44:10 +0000

A last-minute effort at the State Capitol to overhaul California’s complex environmental review process for development projects is dead for the year. A big push from business and labor groups to reform the law came to an abrupt halt today.

California Lumber Sales Creep Up In Recent Years

Kathleen Masterson — Wed, 15 Aug 2012 16:43:26 +0000

Lumber sales are up slightly in California, after hitting a record low in 2009. The 2008 collapse of the housing market devastated California's already faltering lumber industry. The housing market has been slow to recover, but new home construction has risen in the last year.

David Bischel of the California Forestry Association says that's translated into a slight uptick in lumber production. "There's been an increase in sales because there's been a small increase in housing production, our markets are very closely tied to housing markets."

Kern County Leads Nation in Employment Gains

Amy Quinton — Tue, 07 Aug 2012 23:45:36 +0000

Employment in California’s largest counties rose between December of 2010 and December of 2011, but paychecks got smaller in most large counties. 24 of the 26 large counties in California saw employment increase. The US Bureau of Labor Statistics defines large counties as those with employment of 75,000 or more.