California Could See Sharp Drop in Job Growth, Moderate Recession by 2024: Chapman Forecast
California could face a sharp decline in job growth by the end of this year as the state grapples with a moderate recession, according to top economists at Chapman University.
In its latest bi-annual economic forecast released June 22, the school forecast job growth in the state to drop to 1.3 percent by December, compared to 5.6 percent last year.
But that isn’t expected to happen until a national recession is underway.
“In 2023, as we go through a downturn again, California will underperform the U.S. economy,” said economics professor Jim Doti, Chapman University’s president emeritus, during a presentation of the report June 23. “On a year-to-year basis, job growth is slowing. And our forecast indicated that it’s going to continue slowing all the way through the end of the year.”…