The Golden State is tarnished, and the shine isn't coming back for awhile.
Right now 10 and a half percent of Californian's are out-of work...that's almost 2 million people. And according to the UCLA Anderson Forecast, that number will jump to 11.9% next year. What's more, unemployment is expected to stay in the double digits through 2011.
But it's not all doom and gloom. The economists predict economic activity will begin to pick up by the end of 2010. That's a long time from now though, a year and a half.
And they seem to think the housing market hell may soon be over and we may bottom out soon. Retail is expected to pick up too.
Still, California is in for a rough ride the rest of this year. The new economic report is called, after all, "The California Economy: Running Out of Gas."