Wednesday, September 23, 2009

Dim, grim economic forecast

According to the University of the Pacific Business Forecasting Center, it'll be at least one more year before the valley economy begins its bounce back, reports the Modesto Bee.

The largest contributors? Well, first off is another possible wave of foreclosures. (What, you didn't think that was over, did you?)

The other is the closure of the NUMMI plant in Fremont, a topic discussed in last week's column.

According to UOP, the unemployment rate in San Joaquin County should push 20 percent — Depression Era numbers if I've ever heard them.

But before you hide what cash you have left in a coffee can under your orange tree, remember that while those numbers are bad — horrible, if you consider what they mean in human terms — our area traditionally sports much higher unemployment than other regions.

So at least it won't be as bad elsewhere. Cold comfort, but that's all we've got right now.

No comments: