Sep 16, 2009 9:08 am US/Pacific
The Recession May Be Over... But Not In California
LOS ANGELES (AP) ―
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The quarterly UCLA Anderson Forecast predicts that California's jobless rate will jump to 12.2 percent by the end of the year.
Scott Olson/Getty Images
A UCLA forecast says California will continue to struggle with recession next year even though its high-tech industries will rebound.
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.
(© 2010 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
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