Loading…
Saturday, August 30, 2014
Current Weather
Loading Current Weather....
Published: Thursday, 6/6/2013 - Updated: 1 year ago

Report: U.S. hasn't seen expected 'Great Recovery'

ASSOCIATED PRESS

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.



Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. If a comment violates these standards or our privacy statement or visitor's agreement, click the "X" in the upper right corner of the comment box to report abuse. To post comments, you must be a Facebook member. To find out more, please visit the FAQ.

Related stories