July 17, 2024
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California’s economic growth slowing


California’s economic growth has slowed compared to the U.S. economy and the trend of slowing growth will continue over the next two years with GDP growth declining to 2.3 percent, the California Lutheran University Center for Economic Research and Forecasting said in its Sept. 21 forecast.

Job growth is expected to drop to 1.3 percent, according to the forecast, which said California’s housing affordability crisis is a main factor in the state’s slowing economic growth.

Unemployment is artificially low because of low labor force participation, the forecast said, so it does not indicate a healthy labor market.

• Contact Robert Shutt at rshutt@pacbiztimes.com.