UCLA Forecasters Expect State Unemployment to Drop to 8.3% in 2014

LOS ANGELES (AP) – UCLA forecasters say California’s economy will pick up speed next year, adding tens of thousands of jobs as the housing market begins to recover. The quarterly UCLA Anderson Forecasts estimates that the state unemployment rate of 10.8 percent will drop to 9.7 percent next year and 8.3 percent in 2014. That’s still above the U.S. unemployment rate, projected to be 8.2 percent this year and 7.9 percent in 2013. However, California’s recovery from the 2008-2009 recession may be faster than the nation’s as a whole. In part, that’s because the sour housing market that dragged down California’s economy and cost 350,000 construction jobs may recover in the next two years. UCLA forecasters say it may take seven or eight years before America regains all the jobs it lost.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: