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Report: State Economy Improving

A new report says California´s economy is improving and should continue to do so gradually over the next year, but the state won´t see a significant recovery in terms of new jobs until 2005.

The quarterly UCLA Anderson Forecast projects it will take two years for the state´s economy to generate a combined 3.2 percent job growth. That´s compared with the 3.5 percent job growth in 2000.

Anderson Forecast senior economist Tom Lieser projects California will see a one percent gain in job growth in 2004, followed by a 2.2 percent jump in 2005.

For the year, the state´s unemployment is projected to average 6.7 percent, the same as last year.

Lieser also says California´s hot real estate market is not likely to slow down anytime soon.