LOS ANGELES (AP) – A new report says California’s economy is expected to continue its steady recovery and predicts the state unemployment rate will drop more than a percentage point over the next two years.
The UCLA Anderson Forecast released Wednesday says the jobless rate will likely hover around 6.2 percent through the remainder of this year, fall throughout 2016, and reach 5 percent by 2017.
The university economists say in their quarterly report that the drop in unemployment numbers can be attributed partly to a jump in nationwide investment in construction, automobile and business sectors.
Personal income growth is estimated to dip from 4.5 percent this year to 3.5 percent within about two years.
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