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Study: Economic Recovery 5 Years Away

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(Sacramento, CA)
Wednesday, April 21, 2010
The prediction comes from the Business Forecasting Center at the University of the Pacific in Stockton.
Jeff Michael heads the center. He says we’ve only just started to take the first, tentative steps toward recovery.
“When you’ve lost, as a state, 9% of your jobs and 10% here in the Sacramento area and you’re looking at a modest growth rate going forward, it’s going to be about a five year process to recover all those lost jobs. So we just have to be prepared for that.”
Michael says the jobless rate for the Sacramento area and the state as a whole will stay above 12% for the rest of the year…and won’t fall below 10% until 2012.
He says only the Silicon Valley has shown signs of renewed growth compared to the rest of Northern California.
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