community stories for southern Nevada

Two different futures for the Golden State economy…

…one optimistic, one less-so. The Washington Post has a story on a UCLA study, that predicts the recession will last for awhile yet:

The quarterly UCLA Anderson Forecast released Wednesday predicts the state’s jobless rate will jump to 12.2 percent later this year – up from 11.9 percent in July – and will continue in double digits into 2011.

A summary says the nation’s economy is recovering but the state will remain mired in recession longer because it relies heavily on the slumping housing and financial industries. Budget problems also may cost many government jobs.

However, economists from the University of California, Los Angeles predict Silicon Valley’s economy will improve thanks to federal stimulus money and increased tech exports.

Meanwhile, a more golden on the meaning of the study, from the  LA Times:

Signs are increasing that an economic turnaround has begun in Southern California, even as residents and businesses continue to struggle in the worst downturn in decades.

The state’s exports are growing as overseas consumers, especially those in Asia, are demanding computers, electronics and agricultural products from California. Tourists are starting to return to the region’s hotels and beaches. And home prices appear to be stabilizing in some of the Southland’s hardest-hit markets.

“All of the indicators are that the recession is over with, even in California,” said Jerry Nickelsburg, senior economist at the UCLA Anderson Forecast.

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