LOS ANGELES — An economic forecast says the country’s expected “Great Recovery” hasn’t materialized and the economy’s fallen short of even normal growth.
The Los Angeles Times reports the gloomy picture appears in the quarterly UCLA Anderson Forecast released Wednesday.
It says that real gross domestic product growth — the inflation-adjusted value of goods and services produced — is well below the 3-percent growth trend of past recoveries. The forecast says the country isn’t creating enough good jobs.
However, the forecast also says a housing market recovery should boost the GDP over the next two years and bring down unemployment, falling to 6.9 percent next year.
California, meanwhile, outperformed the nation in job growth during a 12-month period that ended in April. One reason is demand for California goods, such as computers.