California unemployment rate hits 12.5 percent | TahoeDailyTribune.com

California unemployment rate hits 12.5 percent

Associated Press

SAN FRANCISCO – California’s unemployment rate rose to 12.5 percent in October to set another modern record.

The U.S. Bureau of Labor Statistics says California was one of 29 states reporting unemployment rate increases. Only three states – Michigan, Nevada and Rhode Island – had higher rates than California last month.

The rate is just slightly higher than September, when officials reported a jobless rate of 12.2 percent. It was 8 percent a year ago.

The national unemployment rate rose to 10.2 percent in October.

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