Posted on 06/05/2013 1:22:34 PM PDT by SeekAndFind
An economic forecast says the country’s expected “Great Recovery” hasn’t materialized and the economy’s fallen short of even normal growth.
The Los Angeles Times reports the gloomy picture appears in the quarterly UCLA Anderson Forecast released Wednesday.
It says that real gross domestic product growth – the inflation-adjusted value of goods and services produced – is well below the 3percent growth trend of past recoveries. The forecast says the country isn’t creating enough good jobs.
However, the forecast also says a housing market recovery should boost the GDP over the next two years and bring down unemployment, falling to 6.9 percent next year.
California, meanwhile, outperformed the nation in job growth during the 12 months that ended in April. One reason is demand for California goods, such as computers.
Jobs number fades
Companies in the U.S. hired fewer workers than projected in May as federal budget cuts and higher taxes stifled greater improvement in the labor market.
The 135,000 increase in employment followed a revised 113,000 gain in April that was smaller than initially estimated, the ADP Research Institute reported today. The institute is a division of Automatic Data Processing Inc., a company that manages employer payrolls. The median forecast of 40 economists surveyed by Bloomberg News called for a May advance of 165,000.
(Excerpt) Read more at kansascity.com ...
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