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CALIFORNIA NEWS
Economists say the Golden State will need a few years to recover
Posted: Dec 9, 2009 9:09 AM
Updated: Dec 9, 2009 9:09 AM
LOS ANGELES (AP) - Economists predict a grim couple of years for California.
The quarterly UCLA Anderson Forecast released this morning says the failure of California legislators to enact spending reductions hammered out during budget negotiations will put a drag on the state's economic recovery.
Growth will be stalled as deferred job cuts are enacted to plug a still-gaping deficit.
The report says California's unemployment rate reaches a high of 12.7 percent this quarter but won't dip into single digits until 2012.
The UCLA forecasters say economic growth will pick up in the beginning of 2011.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
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