• Unemployment expected to hit 12 percent statewide
• The state will lose nearly a million jobs before it ends
The state’s recession should end in the fourth quarter of 2009, but the job market will remain weak through most of 2010, the report predicts.
The California economy is currently in the steepest part of a two-year decline, according to an economic forecast from the Business Forecasting Center in the Eberhardt School of Business at the University of the Pacific, Stockton.
The state’s unemployment rate is forecast to peak just over 12 percent at the end of the year, surpassing the previous peak of 11 percent in 1982-83. The long recovery from the deep downturn is expected to keep unemployment in double digits until the end of 2011.
The state’s recession should end in the fourth quarter of 2009, but the job market will remain weak through most of 2010, the report predicts.
