Governor Brown nailed it.
Growth in California’s job market is expected to weaken this year and in the coming years, according to the widely watched UCLA Anderson Forecast’s latest report Tuesday.
The Anderson Forecast now expects non-farm payroll jobs in California to increase 1.6 percent during 2017.
Last year, California’s job market grew by about 2 percent, state labor officials reported.
The Anderson Forecast said in December that California’s job market would grow by 1.8 percent in 2017, but it trimmed that estimate by March to 1.6 percent.
“The current forecast is slightly lower and pushed out in time than our previous one,” Jerry Nickelsburg, a senior economist with the Anderson Forecast, stated in the report Tuesday.
Consumers nationwide should brace for rising inflation and a greater burden from the cost of living, the Anderson Forecast stated.
“Our forecast is for a modest increase in the inflation rate and corresponding increases in interest rates keeping the real rate low,” Edward Leamer, director of the UCLA Anderson Forecast, stated in his outlook for the national economy.
Source: Mercury News