California Economy Running on Fumes

By Marissa Sifuentes
|  Wednesday, Mar 25, 2009  |  Updated 2:26 PM PDT
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Calif. Economy Looking Poor

Thomas Jackson

The economic forecast for California goes from bad to worse for the rest of the year, according to a UCLA report.

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Calif. Economy Looking Poor

The UCLA Anderson Forecast releases its first quarterly economic forecast of 2009.
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The Golden State is tarnished, and the shine isn't coming back for awhile.

The guys at UCLA that get paid to predict California's economic future say unemployment is going to get worse and the state won't start rebounding until the end of next year.  Maybe, that is. 

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."

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