
The UCLA Anderson Forecast reports that California – and the US – are in for some hard times. But the economists acknowledge there are so many variables coming into play, their prognostications are at best “hunches.”
Some highlights of the report:
- Nationwide, the unemployment rate will peak late next year at 10.5%
- Jobless rate in California will soar to 11.9% by mid-2010
- In California, the economy will stop shrinking by the fourth quarter 2009
- Hikes in the state's sales and income taxes will also erase some of the gains from the federal stimulus package
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