If you guessed it.. California.. you are right about it!!! California economy happens to be approximately 2 trillion worth!! and if and IF it was a nation on its own, it would have be world's 8th Largest economy!!
I think California is biggest state of US in terms size of economy.. Northern California's Silicon Valley and Southern California's Entertainment Industry is more or less flagship which almost defines US in rest of the world. I agree.. New Yorkers.. don't get angry.. I was coming to you.. You also define US big time.. it doesn't mean rest of the states are Chillar Party (coin change - sorry folks, couldn't come up with better term in English). for those who are interested in finding about California.. please visit Wikipedia page for California for more interesting facts an figures.. http://en.wikipedia.org/wiki/California
Any how.. coming back to basics.. Is California really recovering? One point of time unemployment was around 12%. Recently it has come back to less than 10%. Which is progress.. and once people's mentality changes about California, that it is back on track.. there could be easy rush towards further growth and development.
There are some dangers ahead.. Weather is one of them.. This year's almost negligible snow falls on Sierra mountains has forced irrigation water cut for central valley farmers. Which will definitely hit the progress.. Central Valley is responsible for almost half of the entire US' fresh farm produce.. I agree that US mostly imports.. but whatever is freshly produced locally, our California's central valley contributes half of it. So it could be big hit to those farming community. Fortunately or unfortunately there share in economy is still very small but job impact could be high.
Everyone is saying that housing has bottomed out.. but I thought I heard this more than year back and still prices are going down and down.. Hopefully this time economists are correct!! Even I want to see some equity in my house back. Once housing turns around, that would be big sentimental shift and that can drive many other things here. If you are educated or rather than that, if you are in High Tech there is already almost boom time for jobs. But beyond high tech things are still bad. Hopefully this growth in Hight Tech will spill over to other areas of economy and spur growth over there..
http://www.mercurynews.com/business/ci_20275337/california-economic-outlook-brightens-bit-new-study-says
Forecast: California to continue job growth
Researchers see state jobless rate dipping below 10% next year
By George Avalos
gavalos@bayareanewsgroup.com
The economic outlook for California has perked up and the state should escape double-digit jobless levels more quickly than previously thought, researchers said Wednesday.
“Things look slightly better,” said Jerry Nickelsburg, a senior economist with the UCLA Anderson Forecast, which released its quarterly outlook.
California is expected to suffer a 10.8 percent average jobless rate this year, but that should improve to an average of 9.8 percent next year.
That outlook is brighter than the group’s previous view. In December, the Anderson Forecast predicted a 10.5 percent unemployment rate for 2013.
“We are seeing improvement in the labor markets,” Nickelsburg said.
What’s more, job growth should steadily improve in the coming years, the researchers predicted.
The number of payroll jobs in California increased 1.2 percent last year, according to the Employment Development Department.
The Anderson Forecast said that pattern of job growth should continue, with statewide payroll increases of 1.3 percent this year, 1.9 percent next year and 2.5 percent in 2014, the economists said. “Things do look like they are going to be a little better in California, given the recent sharp drop in the state’s unemployment rate,” said Jeffrey Michael, director of the Stockton based Business Forecasting Center at University of the Pacific.
The nationwide job market is also on the upswing. But growth in the United States still doesn’t look that great, according to a report for the Anderson Forecast that was prepared by senior economist David Shulman.
“We are growing, but curb your enthusiasm,” Shulman said.
The economy added an average of 250,000 jobs in the first two months of this year. That would work out to a rate of 3 million jobs a year. But Shulman said he doesn’t think that kind of growth can be sustained.
Instead, the nation is more likely to add 160,000 to 200,000 jobs a month on average, he said. That would equate to an annual pace of 1.2 million to 2.4 million jobs.
The strong job growth in January and February was boosted by mild weather around the country, Shulman said.
“There was more construction, more outdoor work, people went to restaurants and the mall,” he added.
The rebound in California is being led by industries that are strong in the Bay Area.
“Tech industries, professional, scientific and technical services, health care, computers and electronics — those are all doing very well,” Nickelsburg said.
More recently, improvements have begun to surface in some industries that have lagged. Retail, along with leisure and hospitality, are rebounding, Nickelsburg said.
The Bay Area is likely to remain in the vanguard of the recovery for California, analysts said.
“The Bay Areahasdefinitely been leading the rebound for the last six months or so,” said Michael, the UOP economist. “We think the Bay Area will continue to outpace the rest of the state in job gains.”
During the one-year period that ended in February, job totals in the Bay Area grew 1.9 percent, more than double the pace of statewide job growth of 0.9 percent.
“The rebound started in Silicon Valley and now the improvement is spreading throughout the Bay Area,” Michael said.
Contact George Avalos at 925-977-8477. Follow him at Twitter.com/george_avalos.
I think California is biggest state of US in terms size of economy.. Northern California's Silicon Valley and Southern California's Entertainment Industry is more or less flagship which almost defines US in rest of the world. I agree.. New Yorkers.. don't get angry.. I was coming to you.. You also define US big time.. it doesn't mean rest of the states are Chillar Party (coin change - sorry folks, couldn't come up with better term in English). for those who are interested in finding about California.. please visit Wikipedia page for California for more interesting facts an figures.. http://en.wikipedia.org/wiki/California
Any how.. coming back to basics.. Is California really recovering? One point of time unemployment was around 12%. Recently it has come back to less than 10%. Which is progress.. and once people's mentality changes about California, that it is back on track.. there could be easy rush towards further growth and development.
There are some dangers ahead.. Weather is one of them.. This year's almost negligible snow falls on Sierra mountains has forced irrigation water cut for central valley farmers. Which will definitely hit the progress.. Central Valley is responsible for almost half of the entire US' fresh farm produce.. I agree that US mostly imports.. but whatever is freshly produced locally, our California's central valley contributes half of it. So it could be big hit to those farming community. Fortunately or unfortunately there share in economy is still very small but job impact could be high.
Everyone is saying that housing has bottomed out.. but I thought I heard this more than year back and still prices are going down and down.. Hopefully this time economists are correct!! Even I want to see some equity in my house back. Once housing turns around, that would be big sentimental shift and that can drive many other things here. If you are educated or rather than that, if you are in High Tech there is already almost boom time for jobs. But beyond high tech things are still bad. Hopefully this growth in Hight Tech will spill over to other areas of economy and spur growth over there..
http://www.mercurynews.com/business/ci_20275337/california-economic-outlook-brightens-bit-new-study-says
Forecast: California to continue job growth
Researchers see state jobless rate dipping below 10% next year
By George Avalos
gavalos@bayareanewsgroup.com
The economic outlook for California has perked up and the state should escape double-digit jobless levels more quickly than previously thought, researchers said Wednesday.
“Things look slightly better,” said Jerry Nickelsburg, a senior economist with the UCLA Anderson Forecast, which released its quarterly outlook.
California is expected to suffer a 10.8 percent average jobless rate this year, but that should improve to an average of 9.8 percent next year.
That outlook is brighter than the group’s previous view. In December, the Anderson Forecast predicted a 10.5 percent unemployment rate for 2013.
“We are seeing improvement in the labor markets,” Nickelsburg said.
What’s more, job growth should steadily improve in the coming years, the researchers predicted.
The number of payroll jobs in California increased 1.2 percent last year, according to the Employment Development Department.
The Anderson Forecast said that pattern of job growth should continue, with statewide payroll increases of 1.3 percent this year, 1.9 percent next year and 2.5 percent in 2014, the economists said. “Things do look like they are going to be a little better in California, given the recent sharp drop in the state’s unemployment rate,” said Jeffrey Michael, director of the Stockton based Business Forecasting Center at University of the Pacific.
The nationwide job market is also on the upswing. But growth in the United States still doesn’t look that great, according to a report for the Anderson Forecast that was prepared by senior economist David Shulman.
“We are growing, but curb your enthusiasm,” Shulman said.
The economy added an average of 250,000 jobs in the first two months of this year. That would work out to a rate of 3 million jobs a year. But Shulman said he doesn’t think that kind of growth can be sustained.
Instead, the nation is more likely to add 160,000 to 200,000 jobs a month on average, he said. That would equate to an annual pace of 1.2 million to 2.4 million jobs.
The strong job growth in January and February was boosted by mild weather around the country, Shulman said.
“There was more construction, more outdoor work, people went to restaurants and the mall,” he added.
The rebound in California is being led by industries that are strong in the Bay Area.
“Tech industries, professional, scientific and technical services, health care, computers and electronics — those are all doing very well,” Nickelsburg said.
More recently, improvements have begun to surface in some industries that have lagged. Retail, along with leisure and hospitality, are rebounding, Nickelsburg said.
The Bay Area is likely to remain in the vanguard of the recovery for California, analysts said.
“The Bay Areahasdefinitely been leading the rebound for the last six months or so,” said Michael, the UOP economist. “We think the Bay Area will continue to outpace the rest of the state in job gains.”
During the one-year period that ended in February, job totals in the Bay Area grew 1.9 percent, more than double the pace of statewide job growth of 0.9 percent.
“The rebound started in Silicon Valley and now the improvement is spreading throughout the Bay Area,” Michael said.
Contact George Avalos at 925-977-8477. Follow him at Twitter.com/george_avalos.
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