State Unemployment Insurance Deficit Only $13 Billion
DAVIE, FL - APRIL 22: Dollar General store recruiters, Cindy Douglas and Brian Themis speak with people durng a job fair at the Signature Grand on April 22, 2010 in Davie, Florida.Several companies including American Express, Metro PCS and Macy's were accepting resumes at the event.The Labor Department announced initial claims for unemployment benefits fell by 24,000 to a seasonally adjusted 456,000. (Photo by Joe Raedle/Getty Images)
Thursday, Feb 10, 2011 Updated at 7:39 AM PDT
California's budget crisis has lasted so long and has run so deep that even the good news doesn't sound all that good anymore.
The latest not-so-good-sounding good news comes from the state's Employment Development Department: the deficit in the unemployment insurance fund is $13.4 billion. That's an awfully big number -- it's even more than the state general fund deficit -- but it's less scary than the most recent estimate, of $20 billion.
What accounts for the change? The state projects better employment numbers next year. The Sacramento Bee explains more here.