The national economic slowdown will hold back California's recovery next year, but Sacramento should continue to make progress.
That's the gist of the latest quarterly outlook from the University of the Pacific's Business Forecasting Center, released Wednesday.
UOP said California's economic growth "will slow marginally" in 2013. Job growth, which has been running at 1.8 percent a year in 2012, will slow to 1.6 percent in 2013.
"The gain from gradual improvements in housing is being offset by a slowdown in exports and reduced government support for the recovery," said economist Jeff Michael in a prepared statement.
Sacramento's economy, which came late to the recovery, should actually pick up steam in 2013, UOP predicted. Job growth should improve from 1.3 percent a year to 1.6 percent. The region's unemployment rate should fall from 9.7 percent last month to 9 percent by 2014.
Distributed by MCT Information Services
Most Popular Stories
- SpaceX's Satellite Launch Is 'Game-Changer'
- Reid Confident Congress to Pass Immigration Bill
- Maui Visitor Killed in Shark Attack
- Donors Abandon GOP Over Gun Stance
- Mexico: 'Extremely Dangerous' Radioactive Material Stolen
- CEOs More Optimistic About Economy, Hiring
- Climate Change Early Warning System Urged
- Private Sector Employment Surges by 215,000 Jobs
- Newtown 911 Tapes Being Released Today
- Wisconsin Gov. Campaign Aide Fired Over Tweets