Saturday, April 5, 2014

California's economy improving for some, dragging for others

San Jose Mercury News/Business/George Avalos, Oakland Tribune, 4/2/14.  "Report:  Bay area jobs surge creating 'superstar' economy of haves, have nots."

Recession aftermath,
changing times income drag
....  "Even within a smaller economic region such as the Bay Area, some huge disparities have begun to emerge in the fortunes of residents of the nine-county Bay Area, he noted: "Santa Clara County and San Francisco are booming, but the East Bay is still struggling along.". "It's a kind of superstar economy," Leamer said. "Some people are getting some extraordinary jobs and being handed some extraordinary rewards. And there are some people who are being left out. This economy is great for the few, but not so great for middle class Americans."

....   The UCLA Anderson Forecast predicts gains in jobs, personal income and retail sales in California in coming years. Here's a summary of the key findings:  Total jobs in California will grow by 2.2 percent in 2014 and 2.3 percent in 2015.  The jobless rate in California will average 7.8 percent during 2014 and 6.9 percent in 2015.  Personal Income in the state will increase 3.1 percent in 2014 and 3.8 percent in 2015. (adjusted for inflation).  Taxable sales will increase 1.9 percent in 2014 and 2.4 percent in 2015.   Read more.

Related - Los Angeles Times/Richard Lopez, 6/5/13.  "UCLA Anderson Forcast paints dismal picture of economic recovery."  "The country's tepid growth in its gross domestic product isn't creating enough good jobs to build a strong middle class, according to a UCLA report released Wednesday. "Growth in GDP has been positive, but not exceptional," UCLA economists wrote in their quarterly Anderson Forecast. "Jobs are growing, but not rapidly enough to create good jobs for all." 

Note:  photograph from Bernardo's Training.

Posted by Kathy Meeh

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