Global Recession Darkens California Economy
The signs all are there of a recession hitting California pretty hard. The state budget surpluses of the past two years could be gone and turned into deficits. Unemployment, 4.1 percent in August, could go a lot higher.
Every recession is different, and affects each sector in different ways. Here’s the “storm of lead” now flying in at the Golden State.
“The energy crisis that hit Europe is going to slow their growth rate, hence their imports in general,” Raymond Sfeir, director of the A. Gary Anderson Center for Economic Research at Chapman University, told me.
“The U.S. will sell more petroleum and natural gas to Europe but these will be from other states than California. Note that our economy recuperated faster than Europe’s from the 2020 recession. So we started importing more and more. The high value of the dollar certainly hurts our exports,” he said….
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