Californias Split Personality: The Golden Statersquo;s tech sector is booming, even as its industrial base flees.

By Steven MalangabrbrCall it a tale of two states. On the one hand, California is briskly creating private-sector jobs, led by a Silicon Valley hiring spree. Sacramentorsquo;s budget, deeply in the red just a few years ago, is running a surplus, thanks to big income gains by the statersquo;s wealthy residents. Meanwhile, however, large areas of the state lag behind. Six of Americarsquo;s ten metro regions with the highest unemployment ratesmdash;including blue-collar communities like Merced and Fresnomdash;are in the Golden State.

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