State Economy to Bounce Back Post-COVID | Mar. 11
On the March 11 episode of SoCal Update, economists expect California’s economy to bounce back quickly from the pandemic. KPCC Business and Economy Reporter David Wagner explains why, and who is likely to get left behind in this recovery.
A new forecast by University of California, Los Angeles economists anticipates people who’ve been cooped up for a year are ready to shop, dine out and generally spend money as soon as they get a vaccine. That’s part of why they’re optimistic about unemployed workers finding jobs soon. They predict California will get back to a record-low unemployment rate of 4.1 percent in just two years. However, low-wage sectors will take the longest to recover, growing the gap between California’s rich and poor even further.