California lags recovery from the Great Recession

American’s still worry about the economy

Pew Graph on job availabilityThe new national survey by the Pew Research Center, conducted August 20-24 among 1,501 adults finds that 33% say there are plenty of jobs available where they live, while 58% say that jobs are difficult to find. The share saying jobs are available has ticked up from 29% in July and 27% in April. Nearly two years ago, in December 2012, just 22% said there were plenty of jobs locally.

Public Sees Weak Economic RecoveryBut the public’s views of the national economy – both current and future – remain bleak. Just 21% rate economic conditions as excellent or good, while 79% say they are only fair or poor. That is up modestly from earlier this year; in January, 16% expressed a positive view of economic conditions.

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American's still worry about the economy

Pew Graph on job availabilityThe new national survey by the Pew Research Center, conducted August 20-24 among 1,501 adults finds that 33% say there are plenty of jobs available where they live, while 58% say that jobs are difficult to find. The share saying jobs are available has ticked up from 29% in July and 27% in April. Nearly two years ago, in December 2012, just 22% said there were plenty of jobs locally.

Public Sees Weak Economic RecoveryBut the public’s views of the national economy – both current and future – remain bleak. Just 21% rate economic conditions as excellent or good, while 79% say they are only fair or poor. That is up modestly from earlier this year; in January, 16% expressed a positive view of economic conditions.

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When will there be another recession?

8/14/14 Economist Best Law Firm Logos

The next recession could in theory be around the corner. But unlike people, business expansions don’t die of old age: they are killed by an unpredictable shock, says Bob Hall, an economist at Stanford University and chairman of the academic panel that dates American business cycles: “The next recession will come out of the blue, just like all of its predecessors.”

If that pattern holds, the current expansion should have plenty of life left in it. Inflation is actually lower than the Fed’s target of 2%. The huge hit sustained during the crisis has a positive side: it has given the economy plenty of running room.

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Global job outlook remains flat

Global Job Outlook

The jobs outlook remained about as dismal worldwide in 2013 as it was in 2012, with more than half of adults (55%) saying it was a bad time to find a job in their communities and one in three (34%) saying it was a good time to find a job. Europeans continued to be the most pessimistic, with three in four residents (76%) in the European Union saying it was a bad time to be job hunting.

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California lags recovery from the Great Recession

statemap

Most Recession-Recovered Cities
1. Laredo, TX
2. Irving, TX
3. Fayetteville, NC
4. Denver, CO
5. Dallas, TX
6. Corpus Christi, TX
7. Minneapolis, MN
8. Lubbock, TX
9. Garland, TX
10. Raleigh, NC

California and Arizona pulled up the rear, with the least recovered cities.

Least Recession-Recovered Cities
141. Riverside, CA
142. Tempe, AZ
143. Glendale, AZ
144. Tucson, AZ
145. Cape Coral, FL
146. Detroit, MI
147. Modesto, CA
148. Newark, NJ
149. Stockton, CA
150. San Bernardino, CA
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