California's economy is slowing down, with fewer jobs likely to be created through 2021, UCLA forecasters predict.
Workers pack items at an Amazon Fulfillment Center in San Bernardino. Warehouse employment grew more than 3% over the last year.
Although inland regions continue to lag behind coastal areas, and the impact of the trade war with China is beginning to be felt, “economic prosperity has clearly become the norm in California today,” the 138-page report concluded. According to the U.S. Bureau of Labor Statistics, the number of Californians employed now stands at a record level: 18.7 million, 17% higher than in the trough of the recession in February 2010. That’s 10.2% higher than the previous peak employment and about the same as in April of last year, Nickelsburg wrote.
The numbers reflect “a changing mix of employment in California and tight labor markets in high-wage occupations,” the forecasters wrote. Several sectors recorded wage growth higher than 1.5%: healthcare and social services, leisure and hospitality and administrative services, where pay is below the statewide median for all jobs; and professional, scientific and technical services, construction, durable goods manufacturing, and trade, transportation and warehousing, which all pay above the median.
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