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California’s economy has sharply declined after soaring just a few months back leaving many questioning what the future holds for their personal finances.
Orioles Funding On The California Economy
Back in February at the state of the state address, Gov. Gavin Newsom claimed that California was “not just thriving” but also “inspiring the nation.”
He went on to reference California’s position as the 5th-largest economy in the world, adding that net job growth has grown for 118 months with 4 million small businesses in California.
Newsom rounded out by highlighting GDP growth of 3.8% over the previous 5 years compared to a 2.5% national average.
Only a week later, Newsom reported via webcast on coronavirus. On March 4, he declared a state of emergency and started giving orders that would shut down much of the state’s economy.
The implosion was swift as millions of Californians lost their jobs. Within 2 months, despite relatively low infection rates in California and with rampant unemployment, Newsom was forced to ease up. The partial reopening of some economic sectors allowed some to return to work.
July, though, saw an increase in infections and hospitalizations, along with more deaths. In response, Newsom imposed further economic shutdowns with many jobs vanishing.
The latest data from the Employment Development Department in California shows that unemployment was at 16.4% in May, higher than during the peak of the Great Recession of the previous decade. By June, unemployment was at 14.9%.
Although foodservice and lodging workers were hit hardest, all sectors were impacted.
The official jobless rate doesn’t account for those who have dropped out. Overall, California’s labor force has decreased by 400,000 people over the past year. By including these people, the real unemployment figure would be nudging 20%.
There were 2.5 million more Californians on unemployment insurance benefits than at the same point in 2019. Jobless workers getting up to $600 a week has buoyed up the consumer economy in California by $5 billion monthly. These expired last way and the future of these benefits is uncertain.
With COVID-19 still unresolved, it’s clear there will not be a V-shaped recovery as predicted by some economists predicted.
Recovery is more likely to be U-shaped when, and if, the economy recovers. This translates to an extended period of reduced output and high unemployment.