The California Unemployment Trust Fund Balance in June, 2012 was -$8.904 billion. The YoY numbers from February, 2012 through May, 2012 showed small improvements, and May showed the largest monthly improvement in the fund balance since 2007. However, June slipped below the June, 2011 number. It's too soon to tell if this is a bottom or a pause before a renewed plunge.
The Fund continues to operate on Federal loans which began accruing interest on January 1, 2011. Unemployment insurance rates, both state and federal have gone up significantly in recent years to begin to return the system to solvency.
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