Posted on 09/17/2009 6:47:35 AM PDT by SeekAndFind
Signs are increasing that an economic turnaround has begun in Southern California, even as residents and businesses continue to struggle in the worst downturn in decades.
The state's exports are growing as overseas consumers, especially those in Asia, are demanding computers, electronics and agricultural products from California. "All of the indicators are that the recession is over with, even in California," said Jerry Nickelsburg, senior economist at the UCLA Anderson Forecast.
UCLA's quarterly regional forecast, scheduled to be released today, comes amid rising optimism among economists nationwide. Federal Reserve Chairman Ben S. Bernanke said Tuesday that the nation had probably exited its worst downturn since the 1930s and that the economy was probably expanding once again.
"From a technical perspective, the recession is very likely over at this point," he said in remarks at the Brookings Institution, a Washington think tank.
In California, a new report by Comerica Bank showed positive trends in the state's economy in July, for a fourth straight month. Cal State Fullerton says its indicator for Southland economic growth was positive last month for the first time in nine quarters.
Economists are also optimistic about California's long-term prospects in areas such as green technology, medical research and international trade. In the short term, however, its rebound could lag behind the national recovery.
The state's unemployment rate reached 11.9% in July, well above the national rate of 9.4%. Joblessness in California will continue to rise through the end of 2009, peaking in the fourth quarter at 12.2%, according to UCLA economists, who predict that job growth won't resume until late 2010.
The state's budget woes also will be a major drag. California is spending less on healthcare, education and prisons. It's cutting jobs and furloughing workers. That means less money to stimulate the economy.
(Excerpt) Read more at latimes.com ...
eventually, the free fall has to stop. You hit the ground. As I have heard it, it ain’t the fall that kills ya, its the sudden stop......
California is toast. I bailed in 06, and never looked back.
BULL Pelosi
According to the article, good times are on the horizon :
The state’s exports are growing as overseas consumers, especially those in Asia, are demanding computers, electronics and agricultural products from California. Tourists are starting to return to the region’s hotels and beaches. And home prices appear to be stabilizing in some of the Southland’s hardest-hit markets.
“All of the indicators are that the recession is over with, even in California,” said Jerry Nickelsburg, senior economist at the UCLA Anderson Forecast.
Here comes the explosive inflation....
In an unrelated story and what could be seen as a huge success of President Obama’s mideast policies, there is mounting evidence to suggest that Hamas and Islamic Jihad have renounced terrorism and accepted peaceful coexistence with Israel.
Whew! Obama nipped that one in the bud just in time by starting a trade war with China. Can't have any economic recovery, that would cause carbon outputs to increase...
The analogy I like:
You fell in the flood waters.
You are deep under water, but you have reached bottom.
It won’t get any worse.
Wonderful.
The water is slowing receding.
Now how long can you hold your breath?
Not as long as the enviro-nazis continue to cut water off from the valley...
The government unions are all wanting raises so the pro-government paper is saying all is going great so give it to them.
The mayor of la took a beating yesterday by union members because for the first time in his political career he did not have other peoples money to give to them.
The voters won’t throw the bums out. Taxes and regulation have become insufferable, and the state employees are overpaid by about 40%. Arnie took one swipe at the POWER structure when he first took office, and they crucified him.
The cement shoes theory. I like it ;)
California is good for REO properties only.
Just about every state has an unemployment rate higher than the national average. So where does this national average come from?
You hit on something.
We are in cement shoes.
Taxes, CAFE standards (how stupid to raise them when the auto industry is already on the ropes), cutting off water to CA farmers, EPA making it impossible to log the west coast, build coal fired power plants, etc.
Those are our cement shoes.
Just in time for The Leader to slap a tire tariff on China to pay back some union cronies. With China threatening retaliating tariffs on just that which California exports, so much for recovery. Let the good times evaporate.
The NappyOne
;)
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