Payrolls in California grew by just 900 positions last month. Economists are pessimistic about 2008. California's employers added only a net 900 new jobs to total nonfarm payrolls last month, increasing some economists' concerns that the weak housing market and mortgage crisis could push the state into a recession.
Personal consumption climbed by 1.1% in November, a sign the economy might not be as weak as feared, while the key core PCE gauge of inflation rose 2.2%, above the Fed's comfort zone.