|January 26, 2023|
Poll: Californians fret about inflation with economy on rebound
SAN FRANCISCO – (INT) – The state’s economy and Californian’s perception of it are headed in different directions.
The state has recovered the 2.7 million jobs lost during the pandemic, and then some. California jobs are growing at a faster pace than in the US overall. Unemployment is lower now than before the pandemic started. And wages are up, on average, 15% as of October 2022.
But on the downside, the Public Policy Institute of California (PPIC) found 69% of Californians expect bad economic times this year. Sixty-two percent expect periods of depression or unemployment over the next five years.
While the job market is strong and inflation has started to slow, Californians’ increasingly negative perceptions about the economy could foretell a downturn, the PPIC said.
The biggest economic threat is continued inflation.
Story Date: January 19, 2023