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this is the cbs evening news with scott pelley reporting from los angeles pelley: good evening. on the day that president said he will redouble his efforts to create jobs, we re reporting from one of the nation s hot spots for unemployment. the jobless rate in california is nearly 12%, but when you add in those people who are forced to settle for part-time work, the number rises to 21.8%. more on that in just a moment. but first, the white house announced that president will go on a listening tour this month to hear people s concerns about unemployment. here s what he had to say today. how are we going to put people back to work? how are we going to wage their raises, increase their security? how are we going to make sure that they recover fully as families and as communities from the worst recession we ve had since the great depression? pelley: the dow stabilized today after eight days of losses. it s down more than 900 points from its high for the year, and look at
pelley: good evening. on the day that president said he will redouble his efforts to create jobs, we re reporting from one of the nation s hot spots for unemployment. the jobless rate in california is nearly 12%, but when you add in those people who are forced to settle for part-time work, the number rises to 21.8%. more on that in just a moment. but first, the white house announce that president will go on a listening tour this month to hear people s concerns about unemployment. here s what he had to say today. how are we going to put people back to work? how are we going to wage their raises, increase their security? how are we going to make sure that they recover fully as families and as communities from the workforce recession we ve had since the great depression? pelley: the dow stabilized today after eight days of losses. it s down more than 900 point from its high for the year, and look at this people looking for refuge drove the price of gold today to an all-ti
what has investors so worried. reporter: scott, the market had to climb out of a 160-point hole to barely escape its ninth straight losing session. that would have been the longest losing streak since 1978. more than a trillion dollars in stock value has been wiped out in less than two weeks. it was another volatile day on wall street as veteran traders like ted weissenberg see increasing signs the economy is faltering. and so investors are simply saying,un what? i don t have a lot of confidence in what this country is doing, and economically, and i don t want the risk. reporter: the white house insists the economy is not in danger of sliding backwards. we do not believe that there is a threat there of a double-dip recession. reporter: put butt in 401(k) plans over the past week, 96% of all trades, or more than $2 billion worth, have been out of stocks and into the safety of bonds. in new york, acutant mel laczar met with his financial planner but decided not to mov