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University Report: California Economy Improving Slowly

 
University Report:  California Economy Improving Slowly
Posted Friday, May 24th 2013 @ 7am  by KFBK News, Tim Lantz

Economists at the Business Forecasting Center at the University of the Pacific forsee a fourth straight year of sluggish economic growth in California. Lead economist Jeff Michael is predicting a 2% increase in California's economic production this year. He says that should go up to 3% in 2014.

Payroll growth is forecasted to remain around 2% for the next few years, so unemployment is forecasted to shrink slowly with the San Joaquin Valley not expected to dip under 10% until 2017.

When it comes to an overall recovery, the Central Valley is lagging behind the coastal regions this year. Michael suggests the the Central Valley will catch up by next year.

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