California’s economic growth will slow next year, but it is likely to outshine that of the nation overall, as Golden State employers boost payrolls, according to a new UCLA Anderson School forecast.
Even as recession fears haunt the ongoing expansion, California’s economic output expanded by 2.6% this year, albeit down from 3.5% in the last quarter of 2018.
“This is still above the U.S. rate,” wrote forecast director Jerry Nickelsburg, noting that U.S. GDP grew by 2.1% in the last quarter. “While we expect further slowing of the California economy as part of the U.S. economic growth slowdown in 2020, this differential is expected to persist.”
The 134-page UCLA forecast, a widely watched and often-cited quarterly outlook for California and the nation, offered analyses on the likelihood of recession, the health of the housing market, the impact of the trade war and the geographic distribution of educated workers.
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