Recently I've been talking to a few friends from around the country, and they all seemed unaware that the California economy is clearly improving. California is seeing a pickup in employment, the delinquency rate is falling, and I wouldn't be surprised if California reports a balanced budget soon.



Note: when the MBA quarterly delinquency data was released earlier this week, Mike Fratantoni, MBA’s Vice President of Research and Economics, said there has been "dramatic" improvement in California and Arizona.



From California's Employment Development Department: California’s unemployment rate decreases to 10.1 percent, Nonfarm payroll jobs increase by 45,800



California’s unemployment rate decreased to 10.1 percent in October, and nonfarm payroll jobs increased by 45,800 during the month for a total gain of 574,900 jobs since the recovery began in February 2010, according to data released today by the California Employment Development Department (EDD) from two separate surveys.

This is the lowest unemployment rate for California since Jan 2009. There are only three states still with double digit unemployment: Nevada, Rhode Island, and California.The BLS will release data for all states on Tuesday.Earlier: