Jobless rate inches up

February unemployment in L.A. County was 10.9 percent, a half point higher than the revised 10.4 percent level for January - and way higher than the 6.1 percent rate in February 2008. It's also quite close to the state's 10.5 percent rate, which is up from 10.1 percent in January. U.S. unemployment stood at 8.1 percent in February. The separate payroll survey shows an increase of 13,400 jobs in L.A. County from January to February. It also shows a loss of 130,000 jobs from a year earlier. On a month-to-month basis, educational and health services added 9,600 jobs and the entertainment industry gained 9,800 jobs (a very volatile sector). Month-over job losses were reported in trade, transportation, and utilities (5,800 jobs), and retail (4,800 jobs). There's little in these numbers to indicate that a bottoming out is near. L.A. unemployment could easily peak at well over 12 percent within the next few months. Of course, a lot will depend on factors that are unknowable right now – specifically the effects of the stimulus package and the status of the banks and credit markets. Here's the EDD release.