California’s Unemployment Rate Expected To Fall
A new report predicts that California’s unemployment rate will continue to fall over the next two years.
The UCLA Anderson Forecast annually looks at the state’s economic health, and predicts trends for the coming years. The state’s unemployment rate is currently 7.3%, and the report predicts it will fall to 5.3% by the end of 2016.
The university economists also predict that payrolls will grow at the same rate. Personal income growth is expected to grow from 3.1% this year to 4.5% next year. It notes that since 2012 California has outpaced the national average when it comes to job creation.
However, the report does note that there are concerns related to certain types of middle class jobs. There is growth predicted for specialized information and technology sectors, but declines are expected in the manufacturing and construction fields.