2010 Lookahead: The Central Valley's Economy
University of the Pacific economist Jeff Michael
If you’re looking forward to the end of 2009 because you figure next year’s economy can’t be any worse, economist Jeff Michael says ... don’t get your hopes up.
Monday, December 28, 2009
**Click the LISTEN button to hear the interview.
Michael runs the Business Forecasting Center at University of the Pacific’s Eberhardt School of Business in Stockton.
Michael: "2010's gonna continue to be a very difficult year for this region. We are gonna find the bottom. We're starting to find it now. But it's going to be a very flat year before we start to see things really turning around again." (0:15)
He says it looks like the recession has finally ended. But he says unlike other parts of California, like the south and the coast, Sacramento and the Central Valley aren’t quite ready to bounce back yet. He blames the housing and state budget crises.
Michael says unemployment will continue to struggle in 2010 – though it probably won’t jump much higher than where it is now. And he says the housing market will go up and down over the next year.