California incomes plummeting
August 11, 2010
Personal Incomes for Californians dropped the first time since World War II, according to the Bureau of Economic Analysis. [MarketWatch]
The agency said that California incomes dropped by $40 million during 2009. That’s down about 2.5 percent in a year.
Nationwide, incomes losses were not as severe as California, with an average decline of 1.8 percent in 2009. Analyst said that California’s figures are not unexpected given how battered the state has been by the recession.
California saw a 6 percent decline in jobs, or 900,000 jobs last year.
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