California’s grim forecast: State will lose 200,000 more jobs | SierraSun.com
YOUR AD HERE »

California’s grim forecast: State will lose 200,000 more jobs

The Associated Press

SACRAMENTO, Calif. and#8212; Economic forecasters predict California will lose another 200,000 jobs before the reces sion eases.

The University of the Pacificand#8217;s Business Forecasting Center projects the stateand#8217;s unemployment rate will peak at 12.3 percent early next year and be stuck in double digits through 2011.

Statewide unemployment reached a modern record of 11.5 percent in May.

University forecasters said Wednesday the Central Valley will likely face particular harm from tax increases and likely state and local government budget cuts. Legislators are try ing to close a $24.3 billion hole in the state budget.

Support Local Journalism

Forecasters expect a quicker recovery, by mid-2012, in the San Francisco Bay area. Sacramento isnand#8217;t expected to recover to pre-recession employ ment levels until late 2013.


 

Support Local Journalism

Readers around Lake Tahoe, Truckee, and beyond make the Sierra Sun's work possible. Your financial contribution supports our efforts to deliver quality, locally relevant journalism.

Now more than ever, your support is critical to help us keep our community informed about the evolving coronavirus pandemic and the impact it is having locally. Every contribution, however large or small, will make a difference.

Your donation will help us continue to cover COVID-19 and our other vital local news.

For tax deductible donations, click here.


Start a dialogue, stay on topic and be civil.
If you don't follow the rules, your comment may be deleted.

User Legend: iconModerator iconTrusted User