UCLA Forecast: Slow Job Growth, Unemployment To Linger Into 2013

CBS Los Angeles

WESTWOOD (CBSLA.com) — A sluggish economic recovery and the passage of Proposition 30 by California voters are among the factors that may keep the state unemployment rate from dropping next year, according to a forecast released Wednesday.

KNX 1070’s Pete Demetriou reports economists at UCLA’s Anderson School of Business are preparing for a sustained period of lower economic growth throughout the state for the foreseeable future.

Jerry Nickelsburg, senior economist with the Anderson School Forecast said he expects California’s economy to produce growth rates between 1.4 percent to 2.2 percent even with an modest recovery in the job market.

He cited “significant headwinds” in the global economy next year as being major factors in preventing the jobless rate to fall below 8.5 percent statewide.

“We’ve got a recession in Europe that might deepen, slowing growth in China, recession in Japan,” said Nickelsburg. “As well, the U.S. consumer is really increasing…

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