UCLA Economists Say California’s Pandemic Recovery Will Take Years
In a new forecast published today, UCLA economists predict the U.S. is entering a “depression-like crisis” as a result of the coronavirus pandemic, and unemployment levels in California will remain high for years to come.
The retail and leisure and hospitality sectors have taken the brunt of layoffs so far. With tourism to California down and consumers fearful of going back to old habits, workers in those fields could take the longest to recover.
UCLA economist Jerry Nickelsburg said:
“Those two sectors are low-income sectors, so it creates an additional problem in that these are folks that are the least capable of making it through without a great deal of suffering.”
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